USA Today reports that economists, banking and building executives are thinking optimistically of the real estate market in the coming year, and that the housing industry may be finally close to hitting the bottom.
The article does clarify, though, that prices are still expected to drop in many areas, but there should be more home sales, and more houses being built, which are usually indicators of the beginnings of a recovery.
The reason prices are expected to fall in many areas would be due to the large number of foreclosures still out there. Many were delayed because of the “robo-signing” scandal last year, but will be moved forward this year.
The economy is an important piece in the housing recovery. Last month, the unemployment rate dropped to 8.5%, and 200,000 jobs were added. These are good signs for the economy, and housing usually follows economic recovery.
There are many factors that affect the housing recovery, and Baltimore real estate is extremely local. Some neighborhoods, like those I’ve noted in Towson home sales in December and Timonium December home sales, have seen some increases or at least stabilization.
Real estate is extremely local — as much as street-by-street or neighborhood-by-neighborhood.
To find out where your Baltimore house currently stands in the housing recovery, please contact me. I would be happy to help!
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