Well, we’re not expected to take a double-dip but if you look at the market over the last year, you’ll see that we’ve been bouncing around the bottom for a while now. That’s been based on the loan situation (appraisals, etc.) more than anything but it’s definitely made it hard for us to single out “the bottom” that I so often get asked about. I expect this to keep up through most, if not all, of the year.
Unemployment is expected to stay in the double digits through the end of 2012 based on a UCLA forecast.
Don’t expect rates to stay as amazing as they are right now. They’re not going to go through the roof but they’ll start creeping up as the year goes on.
We do NOT expect the Government to bring back the $8,000 credit. That doesn’t mean that we won’t see some private-sector solutions. I believe they’ll actually be a better bet anyway.
We’ll probably start seeing more options for homeowners that are upside-down which is amazing because I know how many of you bought when it was easy to get a loan (making it tough to keep it). I think that these will come from the banks and from the Government. I wonder which one will have more success…
I’ll be hoping that we can resurrect SB 1178. It would be a huge step for CA homeowners during this time.
If any or all of this just went over your head but you have some questions about buying, selling or keeping your home, feel free to shoot me an email or call me.