Majority Say Housing Prices Will Hit New Records

Despite all the negative news in real estate triggered by the nation's financial crisis, a large majority believe housing prices will rebound and hit record highs again. Nearly 2 out of 3 surveyed say they expect home prices to recoup their losses and reach the record highs attained during the real estate boom.

The Housing Predictor survey indicates that homeowners and would-be homeowners are clearly demonstrating more confidence in the economy regarding real estate than they had been. Some 62% of all those surveyed said they expect home prices to rebound and reach the highs attained during the boom. The survey asked respondents only if they expected home prices to someday reach the record high prices in housing experienced during the height of the real estate boom.

Housing price rebounds are typical of the cyclical nature of real estate patterns. However, traders on Wall Street developed new products to artificially inflate markets with mortgage lenders, resulting in the delivery of an explosive mix for the world's financial markets. Housing analysts contend it will take at least a decade or more for markets to attain the record high housing values, if they ever do again.

Some especially hard hit areas of the country have suffered from average housing deflation of 70% or more as foreclosures rise. More than 4.2-million foreclosures have occurred as a result of the foreclosure epidemic, which is at the center of the nation's economic crisis.

Housing Predictor forecasted the national real estate depression, the foreclosure epidemic and regularly conducts Predictor Polls to gauge consumer sentiment on issues related to real estate. Get the forecast for the housing markets bottom and check on the latest real estate news at housingpredictor.com.

Real Estate News - July 2009

Our July 2009 Newsletter is now online for you…

From the right Nav Menu, Find "PAGES AND NEWSLETTERS" and Select "July 2009 below "Our Monthly Newsletters".

5 Cheap Do-It-Yourself Repairs

In today's economy, everyone is looking for ways to save money. Here are 5 cheap home repairs you can make today that will save money tomorrow. (Video runs 1:29)

Have questions or comments? Use the comment link below. Your email address will never be published with your comment for your privacy and protection.

Pay Off Credit Cards Before Buying a House?

A reader (we'll call him Robert to protect the real identity of this comment) wrote in to ask:

Q - "I am thinking of buying a house. I have a credit card with a balance of approximately $3,000. Should I pay this off before applying for a mortgage, or will that hurt my FICO score to pay it off and hacve no balance?"

A - About 60 days before you apply for your mortgage be sure to have that credit card paid off completely. The purpose of the 60 day advance is to make sure your credit reports are updated to show the zero balance. It's somewhat comical that in the year 2009 you have to do it so far in advance in order to ensure that your credit reports reflect the balance, but these are the cards we've been dealt.

If you can do that then your mortgage application won't have any trouble caused by credit scores.

If you have a question or comment about this, or any other article at this site, please feel free to click the comment tab and fire away. Your identity will be protected, and your email address will NEVER be published at this site. We look forward to hearing from you.

One Step Closer to a Johnson County KS Home

When it comes to buying a new home, it's sometimes hard to know where to start, especially in today's economy. The real estate down turn has affected people around the globe, with home loans more difficult to obtain, and interest rates that are unpredictable at best.  Johnson County KS real estate is no stranger to these difficulties.

To get a Johnson County KS home loan, it's a good idea to first meet with a mortgage broker, and then keep in contact with him/her throughout the process. There is an endless array of loan options, from introductory or honeymoon rates that increase after 6 to 12 months, (sometimes at an outrageous rate) to the standard mortgage with either fixed or variable interest rates.

If you choose a variable rate loan, keep an eye on the interest rates, they are constantly fluctuating and you may want to switch to a fixed rate if they fall low enough.

Another option for those wishing to use a home loan to upgrade their residence, but don't have the equity to do so, may be to purchase a modest investment property. This gives the ability to raise both equity and credit rating with consistent payments, and can be a tremendous help in obtaining a mortgage to buy or refinance in the future.

Getting a Johnson County KS home loan may become a little frustrating at times, but it's not impossible. Persistence and a good mortgage broker are definitely the keys to getting you into your new home, even with today's economic difficulties.

If you have questions or comments, please don't hesitate to contact us, or use the comment link below as well. Your email address will never be published with your comments.