The website states that recovery has begun and that affordable housing is once again available to prospective buyers. President, Alexis Mc Gee, predicts that in 2009 the housing market will not just recover, but flourish. She sees buyers leaping in to the housing market in "droves" in turn helping to deplete the high inventories while placing "higher price pressures" on the housing market.
McGee sees the opportunity for price gains in the New Year as well. She sites historically-low interest rates of 4.5% for fixed mortgages, lower commodity prices, home prices lower than before the housing bubble even began to inflate, available tax credits, and a government that is very eager to get the nation's economy stimulated as big positives.
She continues by stating that now is a great time to purchase properties for investment purposes: rent the properties now and sell them off later on in the year when prices see an increase.
The most current U.S. foreclosure index published by ForeclosueS.com illustrates nearly a 21% decrease in foreclosures since September 2008. (Year-to-date more than 12 of each 1,000 homes across the nation have been lost by their owners due to foreclosure.)
Mc Also states that factors such as the "solid gains" from one year ago along with price decreases in certain markets coupled with both private and government effort to curtail foreclosures are signs of recovery. She cites the state of the market in California as a prime example of recovery. The state was previously a leader in the subprime mortgage crisis and currently has shown a significant slowdown of foreclosure filings in the state.
The latest foreclosure numbers in California for the month of November show a decrease in foreclosure filings of 6.55% from the previous month and nearly 50% down from September.
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