Tuesday, May 17, 2011

More Foreclosures - Market won't bottom until at least 2012

The only good Florida property news is found in Ft Myers where home values increased last quarter by 2.4%. The rest of us continue to lose value and according to Zillow the bottom of the housing market won’t be reached until 2012. So all of you ‘new owners’ at NCC – you would have gotten better deals if you had only waited until next year.

"Home value declines are currently equal to those we experienced during the darkest days of the housing recession. . . it is unreasonable to expect home values to return to stability by the end of 2011. . . it (is) almost certain that we won't see a bottom in home values until 2012 or later . . . foreclosures rose throughout the first quarter as banks unfroze moratoriums and allowed foreclosures to resume. Foreclosures had fallen in late 2010 due to the slew of moratoriums brought about by the "robo-signing" controversy.”
Details at: http://zillow.mediaroom.com/index.php?s=159&item=228