IS THE WHOLE WORLD FORECLOSING?

By
Real Estate Agent with Pacific Inter Capital Solutions

IS THE WHOLE WORLD FORECLOSING?

You heard that we are out of a recession from the newspapers. Can that really be possible? If housing prices increased  slightly it has The Whole World... Is it Foreclosing?been because there are fewer homes on the market that are realistically priced for today’s economy. My opinion is that another double dip recession is on the way. Researchers have increased the odds of this happening.

If this plays out, the housing market will drop another 20 percent before any recovery takes place. I know you are hearing the recovery will be in the year 2012. I really don’t see that occurring. In recent weeks, there has been a slowdown in retail, housing, manufacturing, and the job market. Moody expects the unemployment numbers to revert back to the double digits, causing more homes to go into default.

Foreclosures are on the rise even though there is a moratorium on them. This is only temporary and repossessions will occur again as soon as the banks review their paperwork. Too many borrowers aren’t benefiting from loan modifications, since they are too severely troubled.

Comments (2)

Andrew Mooers | 207.532.6573
MOOERS REALTY - Houlton, ME
Northern Maine Real Estate-Aroostook County Broker

Shelley, the media, real estate industry folks scare the pants off the public. Every market is not hurting, not every has a $700,000 mortgage they are struggling with. There are rural markets, lots of them where real estate agents, brokers having their best year ever. Low cost property, safe areas, living within a paychecking living.

Oct 14, 2010 08:20 AM
Mike Carlier
Lakeville, MN
More opinions than you want to hear about.

We can't have a double dip because the recession ended a year and a half ago.  Now we can have another resession.  Feel better?  

The housing market will recover when the economy recovers and someone finds a way for owner occupied homes to be purchased by owners of owner occupied homes.  The economy doesn't stand a chance as long as Washington is populated predominantly by enemise of business.  Maybe next month will usher in a new era.

Oct 14, 2010 08:20 AM