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A Housing Market Can Go From Scraping Bottom To Soaring Like Eagles

By
Mortgage and Lending with George Souto NMLS #65149 FHA, CHFA, VA Mortgages NMLS #65149

A Housing Market Can Go From Scraping Bottom To Soaring Like Eagles.   It wasn't long ago we were reading about how bad the Housing Market was doing in Arizona, California, and Nevada.  These states along with a few others were hit hard 10 years ago when the Housing Bubble burst in 2006.  Each of these States saw record declines in property values, and homeowners quickly found themselves deep underwater on their homes.

In these States we also saw an unprecedented number of "Strategic Defaults".  Homeowners walking away from their homes because the values were far lower than the mortgage on the property.

Today, 10 years later the housing market is much different in these states.  Sales and home prices are on the rise, and they once again are finding themselves headed towards a Sellers Market, or already there.  While many of the states who were on the decline 10 years ago have or are on their way to recovery, others who were doing well 10 years ago like Connecticut are still trying to find their way back.

What we have seen in the last 10 years is a good example of how A Housing Market Can Go From Scraping Bottom To Soaring Like Eagles.  Hopefully soon the rest of us will be experiencing this change as well, and welcome our country back into the economic recovery we all hope for.

 

 

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 Info about the author:

George Souto NMLS# 65149 is a Loan Originator who can assist you with all your #FHA, #CHFA, and #Conventional #mortgage needs in Connecticut. George resides in Middlesex County which includes #Middletown, #Middlefield, #Durham, #Cromwell, #Portland, #Higganum, #Haddam, #East Haddam, #Moodus, #Chester, #Deep River, and #Essex. George can be contacted at (860) 573-1308 or gsouto@mccuemortgage.com

Posted by

George Souto
NMLS# 65149

C (860) 573-1308
CALL 7 Days/Wk
Fax (860) 760-6891

Email Me
About Me
My Blog

I am a Mortgage Loan Officer who can assist you with all your mortgage & refinancing needs in
CT, and RI

I can assist you with your Conventional,
FHA, CHFA, VA, USDA, & 203K loan programs.

I reside in Middlesex County which includes Middletown, Middlefield, Durham, Cromwell, Portland, Haddam. E. Haddam, Higganum, Chester, Essex, Deep River.

 

Comments(19)

Debbie Reynolds, C21 Platinum Properties
Platinum Properties- (931)771-9070 - Clarksville, TN
The Dedicated Clarksville TN Realtor-(931)320-6730

We have had a steady marekt but certainly not the standard multiple offers other markets have had. I have been happy that sales are good. They don't have to be great.

Jul 29, 2016 01:40 PM
Lise Howe
Keller Williams Capital Properties - Washington, DC
Assoc. Broker in DC, MD, VA and attorney in DC

The one thing I can count on is a changing market - we just have to be nimble enough to change with it!

Jul 29, 2016 01:54 PM
Noah Seidenberg
Coldwell Banker - Evanston, IL
Chicagoland and Suburbs (800) 858-7917

In my market the condo scene turned red hot. I agree with both Lise Howe and Debbie Reynolds

Jul 29, 2016 02:27 PM
Endre Barath, Jr.
Berkshire Hathaway HomeServices California Properties - Beverly Hills, CA
Realtor - Los Angeles Home Sales 310.486.1002

George the biggest difference I have seen is, my hair turned gray, struggled for a couple years... then now the weird loans are gone... if there is a questionable buyer... 30% is not unusual to make a loan work vs. the old days of a signature...Endre

Jul 29, 2016 04:22 PM
Gabe Sanders
Real Estate of Florida specializing in Martin County Residential Homes, Condos and Land Sales - Stuart, FL
Stuart Florida Real Estate

Hi George.  I hope that the economy continues to improve and that their will be higher paying jobs for more Americans.  This will improve all markets.

Jul 29, 2016 09:33 PM
Sally K. & David L. Hanson
EXP Realty 414-525-0563 - Brookfield, WI
WI Real Estate Agents - Luxury - Divorce

We are seeing wonderful growth...new commercial construction with more jobs...just say WOW ....and keep it coming !

Jul 29, 2016 09:43 PM
Ginny Gorman
RI Real Estate Services ~ 401-529-7849~ RI Waterfront Real Estate - North Kingstown, RI
Homes for Sale in Southern RI and beyond

George, it is a wonderful thing to see and experience especially for the sellers we represent.  However, I do hear again and again from other agents that the appraisals are an issue 4 out of 5 sales...so does that mean that the appraisers have not caught up or the buyers' agent is not doing their comparative market analysis well enough & guiding their buyers' right?!

Jul 29, 2016 09:57 PM
Sandy Padula & Norm Padula, JD, GRI
HomeSmart Realty West & Florida Realty Investments - , CA
Presence, Persistence & Perseverance

George Souto The market strength and momentum is all hinging on the actions of the FED. If they increase rates again this year, it could begina dampening effect.

Jul 29, 2016 10:30 PM
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

Good morning, George... I have no doubt that Connecticut will be soaring with the eagles one day soon, as well.

Jul 29, 2016 10:41 PM
Patricia Feager, MBA, CRS, GRI,MRP
DFW FINE PROPERTIES - Flower Mound, TX
Selling Homes Changing Lives

That what doesn't kill you makes you stronger! Though many agents will give up the business during tough times, those that stick with it are the eagles that soar!

I enjoyed reading this today!!!

Jul 29, 2016 10:43 PM
Bill Roberts
Brooks and Dunphy Real Estate - Oceanside, CA
"Baby Boomer" Retirement Planner

George Souto An analysis of the housing market CANNOT disregard all the houses that were bought up by the Hedge Funds and other Wall Street entities.

Our market in California is driven by a lack of houses. No new construction and a lot of older houses "removed" from the supply.

Bill Roberts

Jul 30, 2016 12:37 AM
Kathleen Daniels, Probate & Trust Specialist
KD Realty - 408.972.1822 - San Jose, CA
Probate Real Estate Services

George,  I am so glad that scraping the bottom market is behind us ... at least for me in my market. Now we face another issue ... soaring prices, low inventory creating challenges for buyers and their agents.  Here's to a more stabilized market!

Jul 30, 2016 02:15 AM
Dick Greenberg
New Paradigm Partners LLC - Fort Collins, CO
Northern Colorado Residential Real Estate

Hi George - Those of us in very hot markets can forget that this recovery has been a bit uneven - here's hoping that your part of the country sees much better times in the near future.

Jul 30, 2016 07:31 AM
1~Judi Barrett
Integrity Real Estate Services 116 SE AVE N, Idabel, OK 74745 - Idabel, OK
BS Ed, Integrity Real Estate Services -IDABEL OK

We watched from afar... no big bubble here and no crash.. just steady as she goes.  :)   I would not know how to function in that roller coaster cycle. I guess I would figure it out. Great post.

Jul 30, 2016 09:31 AM
Lisa Von Domek
Lisa Von Domek Team - Dallas, TX
....Experience Isn't Expensive.... It's Priceless!

The housing turn around is still a precarious balancing act as the economy is being propped up...and we all know what happens with props, don't we George Souto ?  

Jul 30, 2016 10:47 AM
Hannah Williams
HomeStarr Realty - Philadelphia, PA
Expertise NE Philadelphia & Bucks 215-820-3376

George Souto  I do not have much to say but one word - AMEN

Jul 30, 2016 01:17 PM
Larry Johnston
Broker, Friends & Neighbors Real Estate and Elkhart County Subdivisions, LLC - Elkhart, IN
Broker,Friends & Neighbors Real Estate, Elkhart,IN

Hi George Souto , We have seen our area at the bottom, with all of the jobs lost, but now it has rebounded.  It will be nice when it fully recovers.

Jul 30, 2016 01:23 PM
Jennifer Fivelsdal
JFIVE Home Realty LLC | 845-758-6842|162 Deer Run Rd Red Hook NY 12571 - Rhinebeck, NY
Mid Hudson Valley real estate connection

 George my market is very similar to yours but improving.

Glad to see the recovery many are experiencing.

Jul 30, 2016 03:07 PM
Mike Cooper, Broker VA,WV
Cornerstone Business Group Inc - Winchester, VA
Your Neighborhood Real Estate Sales Pro

George Souto, that is so true. In our area, for those who hung on during the downturn, they are back in good shape and in charge.

Aug 01, 2016 06:25 AM