Why do keep hearing that housing prices appear to hitting bottom, well in areas like Las Vegas where home prices have previous fallen by 50% they do appear to be hitting bottom. However, watching the high end homes prices reveals an uncertain amount of instability in maintaining their high value. What else is going to hurt the high end market? Low interest-rate mortgages back by FHA, Fannie and Freddie are only available for amounts under $417,000 any loan over this amount will require 20% - 30% down payment. Tougher credit standards, higher interest rates and bigger down payment are set to torpedo the high end housing market. The high end home will be the ones that are likely to keep falling in value, which will affect the middle priced homes, and they in return will effect the lower priced homes.
The Office of the Controller of the Currency said a few weeks ago “that among the 34 million loans it tracks foreclosures in progress rose 22% to astounding 844,389 now that is 73% higher than in the same period last year.
It is purely over reaching by many in the industry to say sales are leveling off, sales are improving or that prices are climbing. For the consumer who purchased because they wanted to take advance of the Government sponsored $8,000 incentives for first time home buyers. What if you had waited? The possibility that home pricing could fall lower than that $8,000 is very high.
See you at the top because we will help get you there.
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