For those of you who have been keeping up with my blog over the last two weeks, you will recall that I have written three articles regarding the decline in housing prices and the need to sell your home quickly (if you really need and/or want to sell).
For support of my rantings I have provided you with various market statistics and articles from other well respected real estate experts. I am adding to that list of support today.
Analysts at the research firm Capital Economics stated on Friday that the "double-dip" which many have feared is already underway in the real estate market. And waiting things out won't help any. Paul Dales, the U.S. economist at CE, says that prices won't regain their previous highs (from 2006) for another decade.
Carrie Bay from DSNews reports that the Capital Economics House Price Model suggests that by the end of next year, prices will have fallen back by just over 5 percent, taking them to a new cycle low.
She goes on to report that the company’s analysts predict housing demand will remain “unusually weak” for at least the next three years. At the same time, supply is set to stay “unusually high.”
Relative to today’s demand, Capital Economics says there are currently about 1.5 million too many homes up for sale. And a steady flow of foreclosures will mean that excess supply will continue to grow. “The economy will not be able to support a decent housing recovery,” the company’s analysts wrote. “Income growth will stay muted, unemployment will stay high, and the threat of deflation will rise.”
So if you need to sell, HURRY UP AND CALL ME! (850) 251-6643.
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