Home Equity Slips Below 50%
Homeowners’ debt on their houses exceeded their equity for the first time since the Federal Reserve Board began tracking it in 1945. The housing bubble has caused house prices to decline down to 2003/4 levels wiping out much of the equity many people put into real estate during the last 3 years. But the real estate market will recover, it is merely a question of when – maybe 2009, probably 2010. Home buyers who can pursue hold strategy, retaining their homes for at least another 3-5 years should come out ahead.
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That is the first article I`ve found during these days with a positive approach to real estate market. The decline is a general phenomenon recently which is merely the result of economical difficulties in the major countries, however this is the only investition in my opinion and I`m not saying that because I`m a realtor in Toronto that is advisable to go for. You can always feel in secure if you own a property and that`s why people tend to treat this issue as they social goal.
I think 2010 will see a new market place as well. Till then much to sell and actually a busy market just trying to get the word out to buyers whats available and to just stop by and see if this is a good time to buy for them.
Hello, I have to agree with Toronto Realtor on this one. I’ve been reading quite a few articles today and all of them are looking at this in a negative manor.
2010 the magic number for some and for others to realize that they have until then to take advantage of a good interest rate and discounted foreclosures. I do think after 2010 we can expect interest rates to be very high for 5 years or more and values of homes to grow slowly.
Remember the investors buy in these type of markets because they know it will provide a greater profit.
What goes down must go up and it will and it’s just timing and for those who invested in a long term goal with a house waiting to sell is no big deal and you choose your market to sell in and upgrade or downsize to retire. I am not allarmed with all this foreclosure just annoyed that the lending industry is not being held accountable as much as I think they should and appraisers were at fault also.
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