Good News About the Real Estate Market!

 

I'm sure many of us keep hearing the media talk about how terrible the real estate market is currently.  That foreclosures are on the rise. 

 

I'm here to tell you that there is plenty of GOOD news about the real estate market for you.  And these are facts.  So, listen up.

 

-  Loans in the process of foreclosure represent ONLY 2.47% of ALL loans at the end of the first quarter of 2008!

-  The main drivers of this national foreclosure trend are limited to the states of California, Florida, Texas, Michigan, Ohio, Arizona and Nevada.  That's only 7 states out of 50.

-  43 states are BELOW the national average rate of foreclosure starts!

 

Now, wait!  There's more GOOD news!

 

- Housing Affordability Index is up 12% YTD from 2007!  That means MORE homes are selling at reasonable prices so more consumers can afford to purchase a home.

-  Over 1,340,000 single and multi-family unit sales are projected to occur in 2008!

-  There is a 1.25 Trillion Dollar Projected Market Opportunity for Real Estate Financing in 2008, which would make it the 5th highest all time closing year on record!

-  The average credit score in the US is 692!

Believe it or not, this is the best market in 10 yearsfor BOTH first-time home buyers and long term investors.  There is more inventory, prices are going down and the rates remain at near historic lows.  Can you think of any reason why not to buy?  I certainly can't.

 

So, take it from someone that's in the real estate business.  The real estate market currently has a lot to offer.  Take advantage of it.  You never know when the market will start changing again.