Real Estate Associates Cape Cod Real Estate News

July 16, 2010

Inman News reported that FNC, Inc. based out of Oxford, Mississippi will launch a website this fall titled, Collateral Vision Gulf Coast Crisis. It will track sale prices and property values for homes up to 100 miles from the coast. It’s designed to be a repository of detailed news about how lenders, loan servicers and insurers are responding to homeowners whose incomes and mortgages have been affected by the spill.

RIS Media had an article on “Four Housing Market Myths” by Dr. Stan Humphries, Zillow’s chief economist:
The housing recession is over. Nationally, home values probably won’t bottom until the third quarter of 2010.
Historical appreciation rates will return after prices bottom. They won’t. The bottom will be long and flat and historical appreciation is 3 to 5 years away.
The worst of the foreclosure crisis is over. Nationally, the rate of foreclosure is increasing.
The home buyer tax credit saved us. Although some sales were pushed forward and the market psychology shifted because of the credit, the improvement in sales came more from historically low mortgage rates, dramatically increased housing affordability and increased FHA lending.

§ Inman’s notable quote by Bernice Ross, “Regardless of what your market is doing, here’s one strategy that applies in any market: Focus your listing efforts in the areas that have the greatest demand and the fewest number of listings. That’s always where the opportunity is greatest.

§ Make sure you check out the Realtor.com beta site.