I have written about the real estate market in Illinois, but what about the nation as a whole? Where do we stand? When will the markets get better?
The real estate market in general has never been this bad. Property values have taken a nosedive, and default rates have gone sky high. increased foreclosures and compulsory bankruptcy finings are getting out of hand.
How much worse will it get? Experts and their statistics say that home prices are expected to fall further. No improvement in interest rates coupled with difficulty in credit is partly responsible for this downward spiral.
There is no relief in immediate sight and none is expected soon. Property inventory has been steadily rising these last few months. To hope for any improvement in the market would mean liquidizing of this piling inventory first.
Take heart, those who live in Illinois, as we are not the worst hit. Florida seems to be hit the worst. This is partly due to the fact that most of the condos commissioned will be completed this year. Though people have made deposits, most are not expected to follow through the purchase due to various factors like fallen prices and tight credit. California seem to be right behind Florida.
Our only hope as a nation is that we are reaching the bottom, from which the market can only go up.
Information obtained from the Los Angeles Chronicle of Wed. Oct. 7, 2009