Sales Trends for New and Foreclosure Homes

In all previous recessions, sales of new homes, foreclosure homes and other existing homes fluctuated by roughly the same proportion.

But in this current recession, sales of new homes have fallen far more significantly than sales of foreclosures homes and other existing homes.

The result, according to economists, is that new homes are taking a year or more to sell.

The difference in trend can also be observed in the prices. Across the U.S, prices for existing homes have fallen more steeply than sales prices for new homes.

This price difference, has driven the faster pace of sales of previously owned homes compared to new homes.

Home builders may need to lower their prices even further to be able to compete with low-priced existing homes.

It is the opinion of many economists that the overwhelmingly large numbers of foreclosure homes need to be cut down to a more manageable level before a housing recovery can start and before a nationwide recovery can begin.

If  you have the right team in place including your real estate attorney and a Certified Distressed Property Expert certified REALTOR®, this reduces your chances of foreclosure. To really get a good idea of what a CDPE can do for you click on the following link  What Is a Certified Distressed Property Expert (CDPE)?  To find out all the benefits and options of purchasing a forecloure, contact Eddie Perez, Broker-REALTOR®, CDPE or Anoir Redouane, REALTOR®, CDPE.  Their market includes Hoboken, Jersey City, Weehawken and Union City.  They can be reached at 201-344-2886 or ateddie@InvestHoboken.com or Prevent Foreclosure.