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Answered Question

davepamn

M$1.00 Funded By Mahalo ? | April 15, 2009 02:46 PM

Will the Housing Market strengthen in 2009?

1. WSJ: Ronald Temple said he expects a 22% decline in prices and 2.1 million homes lost to the banks.
2. About 3% of loan payments are 120 day late
3. March foreclosures in California jumped to 31k
4. In Feb 250,000 homeowners received either mortgage modifications or repayment plans. 134,000 of the workouts were mortgage modifications.
5. Foreclosures in Feb rose to 243,000 from 217,000 with 87,000 homes being repossessed by banks.

Do you think the Mortgage modifications will slow down the foreclosure rate?

Are the Mortgage modification being offerred fast enough and broad enough to slow the foreclosure rate?

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stevebasho...

April 15, 2009 05:01 PM

Housing markets are local markets. What you hear in the news is somewhat misleading because for the most part they report national or regional averages. For example, the housing market in the Phoenix market is starting to pick up, while prices are still declining. Sales are picking up because the declining prices are starting to attract buyers. As this continues, demand will eventually begin to support price and the price declines will slow and then stop. I think the decline is slowing in 2009 and the turn around will be in 2010 or later.

Asker's Rating:

• I've heard that Phoenix has alot of California buyers closing contracts on purchases of foreclosed homes. Will they rent these homes out?

It makes sense of rich investors to buy up assets when then are cheap.

Are these investor looking to hold onto the assets long term?

How does an investor manage the cash flow burdens for 50 homes?

Do investor run complex risk equations or do they buy on instinct? Buy low and sell high?

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