MY SENSE ON THIS MARKET REPORT.
Back in July 2008 Barron's cover story viewed the 21% decline in the inventory of unsold new single-family homes from 2006 peak as a sign the housing glut was easing-up.
They have been wrong before as we can see. Where are we now in 2009?. There are no guaranties that the market will easing-up by 2010.
We steel see our labor market and the California budget crisis as an element for keeping our housing market on the up's and down and no say when prices will stabilize. What would happen now that our State Governor is contemplating on bankruptcy our State or become a Federal Territory?.
Peter J Wallinson a fellow at the American Enterprise institute stated in 2008 that shrinking the Fannie and Freddie portfolio could take 3 to 5 years.
Despite the bad news or good news, the credit crisis has not reached its climax after Fannie and Freddie support bailout package. Not to include B Of A and many other banks.
Now Fannie is coming with the idea of offering homeowners to lease back their own delinquent homes to reduce the amount going in foreclosure.
Are they helping homeowners or helping them self by not having to reduce the mortgage balance to the actual market values. This is very complicated. Buyers be aware
This is a shadow correction and not a natural correction of the housing market.
If you have any questions or concerns in reference to your homeownership and where your home value stands on today's market, call NOW!!!
By. Oscar Matamoros
Lupe Medina/Realtor CLICK HERE
RE/MAX Metro Realty