Sixty-five p.c of U.S. Housing markets are worse off today than they were four years back according to the California-based real-estate research firm RealtyTrac.
The result of the survey arrive the same day as the final presidential debate and just weeks before the general election.
RealtyTrac measured five key housing metrics in 919 U.S. Counties and discovered the majority are still going through falling average home prices, unemployment, and higher foreclosure inventories, foreclosure starts and distressed sales. Of those counties studied, 580 (or 65%) showed ends up in 3 of the five metrics as being worse off in comparison to 2008 levels. Only 315 (or 35%) of the counties had 3 of five housing metrics with improved performance the previous four years ‘ time.
“The U.S. Home market has shown strong indications of life in the last few months, but many local markets continue to grapple with high levels of negative equity as the results of home costs that are well off their tops. In addition, steadfastly high unemployment rates are hobbling a robust real estate recovery in most areas,” related Daren Blomquist, RealtyTrac’s VP.
“While the nastiest of the foreclosure problem is in the rear-view mirror for a narrow majority of counties, others are still working thru rising levels of foreclosure activity, inventory and distressed sales as they continue to clear the wreckage left by a bursting housing bubble.”
In a lot of the counties studied, home prices are down and jobless rates are up in more than 90% of the areas. Over fifty percent have smaller foreclosure inventories and fewer foreclosure starts than in 2008, while distressed properties make up a smaller share of overall home sales in comparison to 4 years ago.
The good news for real estate investors is that the window of opportunity is still completely open to pick up some superb deals in rental property. We still have a “perfect hurricane” of low rates, low purchase prices, high rent-to-value proportions, and a growing pool of tenant renters. “Don’t try to time the market.” There are a good deal of great turnkey rental properties available now to add to your property portfolio.
Where do you think the housing market is headed over the next four years?
Marco Santarelli is an investor, writer and the creator of Norada Real Estate Investments — a nationwide real estate investment firm offering turnkey rental property in growth markets across the nation. He’s the authoer of 65% of Housing Markets Worse Than Four Years Back.