Wow. With all the foreclosures taking place now all over the country, there is a lot to think about if you are in the market to buy, sell, flip or get into the investment/rental market. The say that there are 1.2 to 1.8 million homes that are in the high risk group that have a chance to be foreclosed on in the year 2008. Lets just say, only 20% of them go into foreclosure, That is a low figure, but that is another 360,000 homes hitting the market next year. That is a lot of homes that will be hitting the market nationwide. So that gives the buyers a lot to choose from. So are we at the bottom or just close to it? That is a question that we all must ask ourselves. And now that the Federal government is feeding more money into our economy to make sure we don't hit a recession, wow, a lot to think about. I will expound on what I see when I look into my crystal ball onmy next blog.
There is one good thing that has happened, which should be law here shortly. That is the Federal government is taking away the ghost tax if you are one of the many that foreclosure hits. Below there are three links to other articles. The first link is a blog explaining the ghost tax and the next two are related to what the market is currently doing. The last article relates to the major cities and what they expect price wise over the next several years in relation to rent prices. They found there is a correlation between the two.
http://www.realblogging.com/tax-relief-homeowners-foreclosure
http://finance.yahoo.com/real-estate/article/103872/Real-Estate:-Buy,-Sell,-or-Hold?
http://money.cnn.com/magazines/fortune/price_rent_ratios/