Housing Market Slowly Gaining Ground Despite the Presence of Distressed Properties
The number of distressed properties for sale will continue to be high in the U.S. for the coming few years, but more analysts are optimistically predicting that prices of homes will start rising by 2012, albeit very slowly.
Slowly but surely
The values of residential properties in the country continue to get hammered in 2011 as distressed properties continue to enter the market in huge numbers. However, some housing experts are predicting that prices of dwellings will improve come 2012.
They did caution though, that any increase will be minimal, with most expecting a less-than-one percent increase by 2012. This may not sound much, but it is definitely something to look forward to. An increase, no matter how minimal, is still an increase. The best part of this prediction though, is the part where 95% of the metropolitan areas of the U.S. are projected to record a price jump come 2012.
Mortgage rates expected to play a role
With this optimistic outlook, we can only hope that the homebuyers still waiting on the sidelines will consider the present time as the right moment to enter the home buying market. With prices expected to rise next year, most homeowners will benefit by taking advantage of the low prices now instead of waiting for next year.
Mortgage rates, which have remained low and are projected to remain low for several more months, are also expected to influence reluctant homebuyers into making a move. With mortgage rates at historic lows and houses remaining affordable, buyers will find no better time than now to start purchasing their dream homes.
The market is still suffering from an overabundant supply of distressed properties. However, things are starting to look up and no matter how small the improvement will be come 2012, a less-than-one percent price increase is still definitely better than nothing at all.
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Related Posts:
- Who Played What Roles in the Foreclosure and Distressed Properties Problem?
- No Point in Waiting: Buyers Should Take Advantage of Cheap Distressed Properties
- Prices of Non-Foreclosed and Pre-Foreclosures Expected to Drop Again
- More Positive Predictions for Housing Even with Huge Supplies of Distressed Properties
- Cheap Foreclosed Houses for Sale to Pull Down Home Prices More
