ARTICLE REVIEW- Housing Rebound Extends Into 2013:
The Washington Post and Bloomberg released an article a couple weeks ago that I would like to share. It discusses the impact of real estate growth on the economy as a whole. It is suggested that it will take another few years some areas of the country to return to pre recession home values, however "San Francisco Bay area, are [is] actually close to where the normal areas are" states Jed Kolko, cheif economis of Trulia Inc. Home buyers are looking to take advantage of record low interest rates and lower prices.
One of the most common questions I receive is "is it too late to find a great deal?" This is a difficult question to answer because it depends on what you are looking for. Short sales and foreclosure properties are down 7% from one year ago. In the bay area, I would estimate that number to be significantly higher. Currently, we are seeing a lot of distressed homes being purchased by investors, fixed up, and then re sold. This makes finding a "good deal" a bit more difficult than the past few years. Kolko mentions how increased competition will spur new development growth. We have absolutely seen this to be true. New home communities are selling rapidly. Please read my weekly review on new home developments for information on those still available.
For the entire article please visit: http://washpost.bloomberg.com/story?docId=1376-MFNPTM6TTDSM01-
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