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Temecula Valley 2010 Real Estate Forecast
(WEBWIRE) - ”Wow! What ever happened to California being the “Golden State”… the land of milk and honey?”
”Real estate in our great state has taken a beating over the last several years as foreclosures hit an all time high,” affirms Scott Partridge of RE/MAX Elite Team in Temecula.
Are we out of the woods?
Many forecasters believe that 2010 will be the start back to a normal market, as bank owned inventory dwindles and interest rates remain low.
Recap of 2009
The beginning of the change in bank owned properties. The first part of 2009 was the last of the big releases of inventory, and since then properties have been slowly released causing major bidding wars on homes. Banks have done one of three things to control the market: Hired property management companies to rent out their homes; slowly released them; or holding them until the homes regain in value.
Fannie Mae announced last month that they are considering letting the home owner stay in the home after foreclosure to reduce the amount of homes on the market. This is very good as the owner being foreclosed on would have to rent anyway and possibly move the kids to another school; so why not keep the family in the home and pay rent to the bank.
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Thanks for the great posting - and happy new year to you all