After the President’s “State of the Union” Address last night, many experts feel that consumer confidence is being restored. This is also due, in part, to an end of year census taken by real estate experts that shows prices have stabilized and the market is showing signs of a slow increase in sales prices. The President also mentioned a strategy to allow “responsible home owners” the opportunity to refinance their homes and avoid foreclosure. Add this information to research that shows that new foreclosure filings are down significantly, and there you have your recipe for consumer confidence.
How this all will play out is still up in the air. After all, there has not been a market like this since the great depression. But, statistically, although numbers are still down from last year this time, some experts say that the rate of decline is at it’s best in over 3 years. And something to get excited about.
I must also add that every market is different, so you should always ask your real estate professional about your area.