According to CNN Housing prices are "flattening out"
NEW YORK (CNNMoney.com) -- Home price gains earlier this year flattened out in October, according to a report issued Tuesday.
Those of us in the real estate business here in Southern California especialy where I am in the Inland Empire have seen that prices are all over the place. We have more buyers then we have active inventory right now. Anyone working with buyers knows that REO's have multiple bids, standard sales have multiple bids, short sales have multiple bids (however I have noticed the shortsales have a smaller amount)
However with the end of 2009 there will be another spike in the amount of foreclosures as many ARM (adjustible rate mortgages) will be adjusting to higher rates and re-setting. A great deal of those homeowners with ARMS will find it difficult to make this new interest rate. Experts say that this new wave of foreclosures will be a strong wave, but not nearly as bad as 2007. We will see. Short sales I suspect will continue to be strong in this martket.
My wish is that homeowners are more wise and won't fall for as many foreclosure scams that are out there.
To really arm and protect yourself as a homeowner you need to consult 3 professionals,
Realtor
Attorney
CPA
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