2007-10-25 01:24:04 · 5 answers · asked by (!)listen 5 in Business & Finance ➔ Renting & Real Estate
No one really knows. At this point we have many homes on the market and not enough buyers. Foreclosers are main factor that is causing so many homes to be on the market at same time as "regular" sellers causing overspill. Some lenders (Countrywide) are trying to restructure current loans to help slow it down (foreclosures). At any rate, things are not moving as fast as hoped but legislative groups are forming to change things. See news article below: http://www.usatoday.com/money/perfi/housing/2007-10-23-mortgages-refinance_N.htm
2007-10-25 06:04:03 · answer #1 · answered by cmoscinski2000 1 · 1⤊ 0⤋
Real estate is all local. There are places in the country where prices are going to appreciate THIS year.
The places that are really hurting, like Miami, most of the rest of Florida, Las Vegas, Phoenix, San Diego, Detroit, etc., are going to be hurting for quite some time. Generally if a place had huge price appreciation in the past 5 years, it is going to suffer more as it went up too fast and too far. If the area was average or low over the past five years, it should continue on it's slow and steady pace upwards.
good luck!
2007-10-25 04:22:32 · answer #2 · answered by Rush is a band 7 · 0⤊ 0⤋
it's going to take a while because interest Rates are still rising
Interest rate cycles every 15-20 years it takes that long for them to go up or down check this recent history
Jimmy Carter Rates at all time high Cd's Paying 17%
Rates start declining and it takes until Geoerge W 1st term to hit 1960'S low this is when housing started taking off
It Only makes sense if you are borrowing for 30 years you want the lowest rate you can get
Rates started rising in 2001 and things are slowly falling apart
we are headed for some hard times and the Fed will raise rates another 6-9 years before the trend will reverse
2007-10-25 01:40:53 · answer #3 · answered by mmmkay_us 5 · 0⤊ 2⤋
I guess it depends what part of the country you are in , I live in the suburbs of Albany New York and the house across the street from mine was on the market 2 weeks and sold for $173,900.00 , $22,000.00 more than the previous owners paid for it one year before.
2007-10-25 01:28:57 · answer #4 · answered by Anonymous · 0⤊ 0⤋
No one knows, everyone supposes. My guess is not earlier than 2009.
2007-10-25 02:29:40 · answer #5 · answered by Anonymous · 1⤊ 0⤋