I just finish reading an article on Inman news talking about a "huge decline" in home sales. There was a lot of other bad news that you could have fallen into and started a pity party with. However I am one to always see the glass half full. While I am optimistic I am not foolish.
There is still a lot that needs to happen before I jump up and scream "Hallelujah! The Market has recovered!" The first is that the foreclosure market has to stop hemorrhaging. The increase in the FHA guidelines has done little to prevent this from happening. Nor have I experienced any help in the recovery from FHA adding new buyers.
I am not well versed and may seem a little naïve however it appears to me that they (Congress & Senate) failed to realize is that it takes investors to buy the loans. Regardless of how they are backed if there is little confidence in the housing industry then few investors will be backing those notes, regardless of what guarantees they have. Am I missing something here?
Anywho ...Antioch is doing alright. I see the glass half full because while home sales have gone down the listing count for the same period has gone down also. So while fewer inventories are being sold there is less inventory coming on the market. So slowly but surely our plethora of homes are being reduced.
2007 showed a reduction in homes being listed a drop of approximately 300 homes from 2006. However, it is too soon to say if we will be deluged with more foreclosed and short sale listings in 2008. The charts show a slow downward trajectory.
Another insight is that I continue to see multiple offers on REO listings that have been cleaned up. It would do a bank well to spend a few thousand to make a home presentable before selling them. Wachovia Bank listings seem to be doing that and my present experience is that they are the ones to get the multiple offers which usually drive the price up.
BTW : The average home price for a home in Antioch is the same it was back in February of 2003.
Nuff said...
Robert Moreno
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