The housing market in America is recovering from one of the bigger blows it has ever taken in history; even the top real estate companies took a huge hit. With all the trouble people have gone through, though, there is a lot of misinformation and sensationalism going around regarding the subject. Here are three cold, hard facts you should know about the housing market before you shop around for new houses to buy:
1. Foreclosures are a Big Issue
The housing market crisis may have passed us, but the problem is foreclosures is anywhere but in the past. There are still scores and scores of homes at risk for foreclosure; even today, one in every 200 homes is likely to be foreclosed upon. That may not seem like a very big figure, but applied over the nation it turns into a very, very large number indeed. Foreclosure is nothing to laugh about or ignore.
2. It Isn’t Just the Same People
You may be tempted to try to dismiss that figure because it deals only with the physical houses. Surely there must be a few financially irresponsible groups of people who try to own multiple houses but can’t sustain the lifestyle, right? Actually, while there surely are people like that, this problem cannot at all be attributed to just them; in just three months, approximately 250 thousand new families will go into foreclosure.
3. The Outlook Isn’t All Bleak
While foreclosure for anyone is tragic and awful, these statistics aren’t necessarily bad things, especially for the prospective home buyer. While about one million new families do go into foreclosure every year, over five million homes were sold over the course of 2013. Real estate agents have all sorts of new houses to buy for all sorts of different folks, and that is leading the recovery for the housing market. The ideal house for you might be coming up for sale soon — will you be out looking for it? This is a great source for more: www.fatimanordquist.com