Well apparently our economic recovery is not as good as we thought it was going to be in 2010. According to various news reports it is predicted that in 2010 there will be ... brace yourself ... another drop in the market of 5 to 10 per cent.
The 5 to 10% figure comes from Moody Economic while Fiserv is predicting a drop of 11.3% of home prices in the next year. It is really going to become more of a buyer's market with all of this.
Among the factors that are influencing these forecasts is that many analysts believe that there is a shadow market looming out there that will bring the market down even further. The foreclosures that aren't on the market yet, the short sales that are coming, the possibility of even more homes going into foreclosure in the coming months, etc.
So keep the listings but it sounds like we need to be working with more and more buyers in the future.
One glimmer of hope ... of the 100 markets surveyed only Pittsburgh showed a growth!
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