Depending on what news channel you listen to or website you look at the forecasts for 2010 are either full of optimism or doomsday predictions. The reality of it as I see it is realistically it depends. Most of us with our finger on the pulse of this foreclosure situation believe that the first half of 2010 will be full of mortgage defaults and more foreclosures due to the Arms and Option Arms adjusting.
The accuracy of real estate forecasts really depends on many things about the economy these days-on the job market, whose recovery is looking a bit delayed, based on historical patterns.
The economy and the job market didn't pick up as people expected in '09 and as a consequence that is rolling it in 2010
There's even some doubt that the $6500 credit for repeat buyers will make much of a difference. The original credit did not have the expected trickle-down effect on new homes.
But you still have a martket that will have more inventory then for buyers who are taking advantage of the tax credit and hopefully the lenders will be more agreable in their loan modifications as well.
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