The Housing Crisis: How Low Can It Get? Pretty Low!

May 14th, 2008

I’d like to say that this is as bad as it gets. I’d like to say it, but I don’t think that is true.

In California alone, just released figures show that last month, 1,000 (that’s one THOUSAND) foreclosed homes were brought to auction each and every weekday–a 44 percent increase just from the month before.

Nationally, things aren’t all that much better, except for a few markets.

The National Association of Realtors surveyed the prices of existing single-family homes and found between January and March, median prices dropped in 100 of 149 metropolitan areas, according to the Associated Press.

Too bad that relief doesn’t really seem on the way.

Congress is still trying to come up with some sort of relief legislation that will please Democrats, Republicans and the White House, but credit remains tight and the victims (and yes, many are victims) of what began as a subprime mortgage mess, keep mounting with no end in sight.

Brokers will tell you that as prices keep going down–they are and they will–there will be bargins to be had and they are correct.

The only problem is that the credit crunch also shows no sign of going away any time soon, so that leaves a whole lot of potential bargin takers left in the cold.

Some experts say things will get back to “normal” in a few months; others say years. Does anyone really know?

What do you think? After all, your guess is as good as anyone else’s.

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The Housing Crisis: How Low Can It Get? Pretty Low!

Posted in Commentary, Economy, Foreclosures, Housing Bubble, NAR, Real Estate News, Uncategorized, california, california foreclosures, default, foreclosure, housing, realtor | No Comments »

 

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