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 Is there any? It seems all we hear about is
how bad the real estate market is, with tougher lending practices, high unemployment, low
home prices and a huge backlog of foreclosures and bank owned properties.
"Have you grown weary of the constant
onslaught of negative news about the real estate market?" asks Bernice Ross, Real Estate Coach and author. "While the storm clouds are definitely with
us, there are signs that this horrific market may be taking the first baby
steps towards improvement."
Foreclosures are Down:
The number of new foreclosures is declining. Realty
Trac reported that the numbers of foreclosures in June of 2011 were down 29
percent from the previous year and it was the ninth straight month showing a
decline in foreclosure activity, year over year.
"Granted, it may take some time to absorb
the existing shadow inventory of 1 million or more homes." writes Ross, "Nevertheless,
a decrease in the number of properties going into default represents the front
end of the pipeline and that is a definite ray of sunshine for the future."
Home Sales Improve: The National Association of REALTORS reported that all regions
across the US have experienced gains in contract signings with May 2011 showing
an increase of 13.4 percent over the year before.
This improvement should mean higher home prices. Chief economist for NAR, Lawrence Yun says that, "Absorption of inventory is the key to
price improvement, and this solid gain in contract signings implies that home
values in many localities are or will soon be stabilizing as inventories get
absorbed at a faster pace."
Decline in Number of "First Mortgage" Defaults: Ross analyzed the latest statistics from
Standard & Poor's which indicate that only 2.09 percent of first mortgages
are in default and 1.42 percent of second mortgages are in default.
Homeownership is Still the Best Investment: 81 percent of adults surveyed by Pew Research
Center state that owning a home is the best long-term investment. And nearly 80
percent believe that home prices will hold steady or increase over the next 12
months, according to a national survey by Fannie Mae.
"All markets are cyclical." concludes Ross, "While the bad news continues to pound us in
the media, what matters is the activity in your local market."
Read more
great real estate advice at RealEstateCoach.com.
 photo credit: Ida Aalen
Posted on July 19, 2011 09:35:43 by  IPTV.Boyz
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