We recently published our prediction for the price of US housing for 2012. The bottom line is we do not expect an annual price increase in 2012.
Part of our rationale for the stagnant (at best) market price is the new wave of foreclosures expected to cause excess supply. Banks are expected to deal more aggressively with the 3.5 million seriously delinquent mortgages on the books. Seriously delinquent homes are defined as being four months in arrears.
A recent report from RealtyTrac, an industry data firm, reported 1.9 million US homes were supplied with default notices last year; this is down from 2.9 million in 2010.
It could take a while for the homes to flood the market as the average foreclosure took 806 days in Florida and 1,019 in New York. This contrasts with California's average of 352 days in 2011. The reason being FL and NY have extensive court review foreclosures.
I think the housing market will remain stagnant until the plethora of foreclosures are absorbed. I do not anticipate that will happen in 2012.
As a local Relator, I am aware of the trends in the US market as well as in many of the communities in which I specialize. If you are thinking of selling or buying a home, please feel free text me or call me at 561-247-3550.
For free home searches, please text me your name, e-mail address and phone number or visit my Web-site at http://homes.MYsouthFLrealestate.com
Michael Friedman
Realtor, Certified Distressed Property Expert (CDPE)
Member of Who's Who in Luxury Real Estate
Lang Realty
561-247-3550
http://MYsouthFLrealestate.com
Referrals are appreciated and welcomed.
Boca Raton FL real estate for sale and surrounding areas including real estate properties for sale in: Belle Glade, Boca Raton, Boynton Beach, Bryant, Canal Point, Dania, Deerfield Beach, Delray Beach, Fort Lauderdale, Hallandale, Hialeah, Hobe Sound, Hollywood, Indiantown, Jupiter, Key Biscayne, Lake Harbor, Lake Worth, Loxahatchee, Miami, Miami Beach, North Miami Beach, North Palm Beach, Opa Locka, Pahokee, Palm Beach, Palm Beach Gardens, Pembroke Pines, Pompano Beach, South Bay, West Palm Beach, Lang Realty
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