Amanda Wilson, a real estate agent for Esslinger Wooten Maxwell in Fort Lauderdale, offers five predictions for the housing market in 2012:
• Buyers will be busy. South Florida sales were strong in 2011, despite sluggish national numbers. Economic conditions and consumer sentiment will continue to improve during this election year.
• Foreclosures will increase. Analysts are concerned about the “shadow inventory” — homes that ultimately will go on the market for sale because the owners are in default or foreclosure.
• Prices will soften. More foreclosures will drag down prices across the board, but declines may be limited to 3 to 5 percent. Values will stabilize.
• Interest rates will remain low. Count on historically low mortgage rates for as long as it takes to get the economy back on track.
• Short sales will increase. Banks appear more willing to let owners sell for less than they owe, helping to clear the glut of “underwater” mortgages.
And starting in 2013, homeowners will be taxed on the amount the lender forgives, meaning more homeowners will be motivated to do deals. “I think this will be the year of the short sale,” Wilson said.
The author of this article is: Paul Owers
See the original post at: http://weblogs.sun-sentinel.com/business/realestate/housekeys/blog/2012/01/is_2012_the_year_of_the_short_1.html
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