It appears as if the short sales are starting to move, and that some loan mods have been made. That said, there are many, many who are barely holding on . . . . falling deeper into the hole every month. Our state's unemployment rate is still unbelieveably high. And, more and more companies are closie. Fannie and Freddy are being dismantled, and most people do not qualify for the lending guidelines. If they do, they don't have an 800 score to get them the best rate.
We still have some destruction to come . . . the stimulus just prolonged it, so that everyone wouldn't crash at the same time, but it is coming.
That said, if you CAN buy, it is a great time to get some real estate. . . .but don't expect to see any raise in valuies for a long, long time.
Also remember that we have a HUGE group of retirees that will have to unload their properties soon . . . there will not be good return on those.
at 3:22 PM on Mar. 17, 2011