Perspective in real estate is everything! There’s some important facts below that nationally buyers should keep in mind…in my opinion.
via The Huffinton Post – Thing One: Housing’s Sort-Of Comeback: As you may have heard, the U.S. housing market has been a Boschian hellscape for more than six years now, the payback for those crazy years of a housing bubble that featured bidding wars and silly prices. Well, good news, America, the crazy is back!
At least half of it, anyway: The Wall Street Journal reports that there are bidding wars again on houses, at least some houses, all over the country, or at least some parts of the country. And these bidding wars do not result in silly prices so much as they leave homeowners in slightly less deep holes: “Even though bidding wars are pushing prices higher, many homes are still selling for prices far lower than a few years ago.”
But wait, there’s more cold water: Bidding wars are starting because of tight housing inventories, but those inventories are artificially tight because banks and Fannie Mae and Freddie Mac are keeping more than 2 million foreclosed homes off the market. Meanwhile, some 11 million homeowners still owe more on their houses than their homes are worth, including more than a million people who have just bought in the past two years, Reuters reports: “Many borrowers, particularly since late 2010, thought they were buying at the bottom of a housing market that had already suffered steep declines, but have been caught out by a continued fall in prices in wide swaths of America.“
Read the remainder of the article at the link below.
See on www.huffingtonpost.com
NOTE: Image source is same image source in The Huffington Post article.