The first sign that the real estate bubble was beginning to burst was back in October 2005 when investors were left holding the bag. Although the market began the long journey downhill home prices actually rose until the middle of 2006. Homes were being listed longer and expiring but when they sold they were at the same or higher prices. Then the lowest priced homes dropped in value as mid ranged and high priced homes held steady. In 2007 home sales were stagnant yet prices remained quite stable. In 2008 prices began to fall with condos town homes and low end properties getting hit the hardest. There was resurgence of sales in January of 2008 as prices were falling and the foreclosed homes were starting to hit the market in groves. Home sales skyrocketed right up until September of 2008. That is when the stock market crashed. Home prices not only dropped in September of 2008 but homes sales, including REO Bank Owned homes and Short Sales, came to a screeching halt. At this point all home prices were dropping drastically. The middle priced homes fell as fast as the lower priced homes and mid to high priced homes weren't getting sold. These homes began to get wholesale pricing as well. The Million Dollar and up homes were being priced quite high as the home owners were weathering the storm.
Flash to today! The next wave of foreclosure is in the million and multi-million dollar homes. There will be reset interest that will price many of these home owners out of their homes. Look for this bracket to take the hardes hit from February 2009 until the end of 2011. That is when the end of the subprime and adjustable mortgages will finally end.
Call me to discuss selling your home before you are in trouble. If you are already in a Distressed Property it is not too late until the auction date. I am trained to help you prevent losing your home!
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Your Friend & Realtor,
Tony Lewis RE/MAX of Valencia in Valencia, Ca. www.TonyLewis.com tonyglewis@yahoo.com 661-702-4720
