ACTIVE REAL ESTATE FORECLOSURES FOR SALE IN MOBILE AL – 06/25/2012

ACTIVE REAL ESTATE FORECLOSURES FOR SALE IN MOBILE AL – 06/25/2012

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ACTIVE REAL ESTATE FORECLOSURES FOR SALE IN MOBILE AL

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ACTIVE REAL ESTATE FORECLOSURES FOR SALE IN MOBILE AL

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U.S. housing markets are likely to continue on a path of slow recovery after seeing a multiyear bottom, according to three real estate industry economists participating in a forum hosted by the National Association of Real Estate Editors said today.

ACTIVE REAL ESTATE FORECLOSURES FOR SALE IN MOBILE AL

Continuing uncertainties over negative equity (about a third of homeowners with mortgages owe more than their homes are worth, according to Zillow), fuzzy housing finance reform possibilities, lagging foreclosure processing and tight lending standards are potential obstacles to the slow-rising tide of the U.S. housing market, they said.

ACTIVE REAL ESTATE FORECLOSURES FOR SALE IN MOBILE AL

Despite the semi-bright outlook, recent years have been tough for the market. “Last year was the worst year on record for house sales, for 60 years of housing-sale info,” Crowe said. Industry experts forecast a 19 percent improvement in single-family housing starts this year over last, Crowe said, from 434,000 last year to a projected 516,000 this year.

ACTIVE REAL ESTATE FORECLOSURES FOR SALE IN MOBILE AL

If lawmakers can’t reach a compromise by Dec. 31, more than $1 trillion in automatic spending cuts are set to begin taking effect at the end of this year. Zillow’s Humphries sees a recovery as well; he’s more optimistic than he’s been in a couple of years, he said. The recovery is one that starts on the micro level, ZIP code by ZIP code, he said.

“It’s almost like a bacteria attacking a bad virus,” Humphries said of the recovery occurring in metros; he showed ZIP code-level map views of recoveries in Phoenix, Miami and Detroit in 2011 as examples. What’s more, the recovery won’t be L-shaped, Humphries said.

It’s going to stair-step as homeowners with large negative equity begin to enter the market as housing prices go up, which will temporarily swell the supply and pause the recovery briefly. However, Humphries says the rush of investment in the single-family rental market could be the next housing market bubble. As rental rates increase and homeownership looks more attractive with increasing supply, that now-hot sector of the market will cool.

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