I'm sure many of us keep hearing the media talk about how terrible the real estate market is currently. 
That foreclosures are on the rise.
I'm here to tell you that there is plenty of GOOD news about the real estate market for you. And these are facts. So, listen up.
- Loans in the process of foreclosure represent ONLY 2.47% of ALL loans at the end of the first quarter of 2008!
- The main drivers of this national foreclosure trend are limited to the states of California, Florida, Texas, Michigan, Ohio, Arizona and Nevada. That's only 7 states out of 50.
- 43 states are BELOW the national average rate of foreclosure starts!
Now, wait! There's more GOOD news!
- Housing Affordability Index is up 12% YTD from 2007! That means MORE homes are selling at reasonable prices so more consumers can afford to purchase a home.
- Over 1,340,000 single and multi-family unit sales are projected to occur in 2008!
- There is a 1.25 Trillion Dollar Projected Market Opportunity for Real Estate Financing in 2008, which would make it the 5th highest all time closing year on record!
- The average credit score in the US is 692!
Believe it or not, this is the best market in 10 yearsfor BOTH first-time home buyers and long term investors. There is more inventory, prices are going down and the rates remain at near historic lows. Can you think of any reason why not to buy? I certainly can't.
So, take it from someone that's in the real estate business. The real estate market currently has a lot to offer. Take advantage of it. You never know when the market will start changing again.
Let's add the new tax credit, which is another little buyer benefit.
Suzanne:
That is definitely another incentive. Thanks.
Brigita, taking the negative and turning it into something positive is a great thing. I am featuring this in Nothing But the Positive Group. Great post.
Danny:
Thanks. It's been proven that if you focus on the negative, bad things will happen. If you focus on the positive, good happens. The mind controls more than anyone can imagine.
Hi Brigita
The condition of the market is first in our minds; our role is to do our best with what we have.
Good luck and success
Lou Ludwig
Lou:
You are so right. Work hard and you will be successful. A positive attitude helps, too. :-)
Hi Brigita
Your information in your post is right on target seven of the fifty states are were most the foreclosure and short sales issues are. The media condinues to lead the charge on poor information to the public.
Good luck and success
Lou Ludwig
Lou:
The media should do more detailed research before reporting information. Incomplete information does not help anyone in the long run.
Brigita
Even though all you hear is how bad California is, as an appraiser in the Sacramento California area I can tell you it is not all bad. In the last few months we have seen inventories go from 12 months of available inventory to under 3 months in many sub markets. We are now also seeing some marketing times of under 30 days, multiple offers on homes and sales prices over list price. Why?? Many of the foreclosed properties are now being marketed at "current market values" which we had not seen in the previous 12+ months. There is plenty of good news out there and often the statistics we read in the newspapers have been twisted in the worst ways. It is frustrating to see head lines saying "June sees 24% drop in home values" and it takes reading the whole article from an appraisers mind to desciper how they come up with such rediculous claims. It often takes the most distressed area and hidden in the article it lets you know that is a one year or 2 year loss while the headlines make it sound like it was a one month loss. The articles most often fail to mention that that same property tripled in value in less than 3 years just prior to this "horrible" 25% loss. 300% gain followed by 25% loss. Kinda puts it in perspective.
Cynthia:
The news media tends to report only some of the facts and they don't seem to paint the WHOLE picture. They seem to dwell on bad news. Now, there are still consumers that are listing their homes for higher than the actual "current market value". But, many are starting to realize that if they truly want to sell their property, it must be priced right for the current market.
Thank you for confirming what I've been saying.
Brigita
Brigita,
Thanks so much for putting "positive thoughts and facts" out here. What a refreshing thing to read and I think we all appreciate it.
I am a Realtor in the Hampton Roads area of VA and couldn't agree with you more. We all are just having to to the best with what we've got and are trying to keep the consumer confidence up.
Thanks again for your post.
Vicki~
Vicki:
Unfortunately the media thrives on negativity. It makes our job more difficult to inform the consumer of the positive. We have to continue until they realize that we are the experts and we know what we are talking about.
Brigita
Brigita,
This is the second article I've read today about the market improving. We are all ready for positive news and I appreciate your contribution. The new tax credit for first time buyers should give many people an opportunity to live the American dream of owning their own home.
Jane:
We all need to get the positive word out to the consumer to counteract the doom and gloom of the media. Plus, the incentives will help.
Brigita
Brigita
Nice positive post. Most of this is the power of positive thinking. We are on an upward turn. I actually have 2 waterfront buyers in mid 40's who are purchasing because of the tax credit. Have a wonderul night.
Monique:
It's amazing what positive thinking can do.
Brigita