Happy New Year!
Posted by Hamid Grinage on Friday, January 8th, 2010 at 5:31pm.2009 was a rough year for real estate, we had an economic meltdown the likes of which we will hopefully never see again, record foreclosures, short sales and a loss of equity that was unprecidented.
We've been hearing for months that there is a "shadow inventory" of foreclosures that the banks are not releasing, and I think 2010 will reveal just how many foreclosures the banks are sitting on. Once thing is for sure...foreclosures and short sales will continue to be a significant portion of the market. Hopfully short sales will be able to be expedited in a better way, because that is the main hang-up with dealing with them. As the banks adjust to the realities of the needs of buyers, we will see short sale become more like normal sales, which will be good for the market.
Interest rates are still very good, although many feel that the Fed will have to raise them to combat inflation..only time will tell.
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