Big things are happening, and I wanted to inform you about it.
I will be leaving Wasson’s Construction/1-800-BoardUp on October 15th, so my Foreclosure Forum Blog will end and it will hover somewhere in the Cybertrash ether of Cyberspace. Sorry for the flotsam and jetsom, but once it’s out there, it’s out there.
Anyway, since I only have 2 weeks to wrap up my tenure at Wasson’s (visit us at www.wassons.net), and prepare myself for my new job (yes, I have a job lined up, so don’t worry about me), I’m writing my final thoughts on the California Foreclosure Market for 2009/2010.
Since I want to buy my own home that I’m renting, I’ve been watching the market like a hawk. The predictions from most people for October 2009 have been pretty acurate.
Currently, the predictions for 2010 are that the 5-year ARM resets are going to hurt us in 2010 and the property values will fall once again. Strap on your seat belt, because the wild ride of the roller coaster isn’t over.
There is a guy named John Mulkey who goes by the moniker of The Housing Guru. His blog can be found at www.thehousingguru.com and he knows his stuff. I was reading his predictions for 2010 and they were sobering. If you are a member of Activerain (www.activerain.com) you can read his blog–and the comments echoing the accuracy of his predictions from other realtors– for yourself.
For those who don’t consult Activerain, I will highlight what he predicted.
1. The Fed will throw everything in it’s arsenal towards keeping interest rates low throughout 2010.
2. While it may appear that home prices have stabilized, his guess is, they have not.
3. Foreclosures and short-sales will make up as much as 40% of total sales for the next 30 – 36 months. He wrote this on Sept. 20, 2009, so 30 months from then will be March 2012, and 36 months from then is September 2012.
4. Unless the government passes a major and all-inclusive tax credit, sales must remain sluggish.
5. By spring of 2012 interest rates will rise sufficiently to negatively impact home sales.
6. Finally, the mid-term election will be both chaotic and unsettling. He admits that this isn’t a housing market prediction, but it will affect the housing market.
I recommend that we bookmark this prediction and see what comes of it. In the meantime, I’m planning to remain on the fence until I have saved enough money in 2010 to make a literal and figurative move on purchasing the place I’m renting now.
If you enjoyed reading my posts and would like to follow me as I progress with my music career, I invite you to check out my website at www.jenniferfilzen.com. I’m working with some pros on my website now and I hope to make it a more dynamic and interactive website that will support my blogging habit.
Thanks to everyone who’s been paying attention. Good luck and God bless you all with love, joy, health, and prosperity. Let’s all work towards thriving and not just surviving.–Jen
Posted on October 1, 2009
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