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Tampa, Florida Realtor Sees Slight Upturn in Housing Market
There are some good signs that the economy is struggling back to its feet. Recently, a Tamp real estate agent witnessed a bidding war over a piece of property, something that hasn’t happened in a very long time. This was an extreme case of a nationwide phenomenon: signs of life in the worn out housing market in addition to the overall state of the economy. Surprisingly, housing prices rose 2.9 percent from the first quarter to the second quarter this year – being the first quarterly increase in three years, this according to Standard & Poor. In addition, consumer confidence has rebounded somewhat this summer according to the same reporting company.
For this little victory in the housing market, every day ordinary people won’t see a payoff for quite some time. The Congressional Budget Office expects unemployment to rise from its July’s 9.6 percent into an average of double digits in 2010.
Many economists see this slight rise in the housing market as a sign of a small recovery in the economy. Of course everyone is still cautious and with the instability in unemployment, people will tend to tighten their belts instead of spending, and spending is what the economy needs.
With fewer poisonous assets on the books for banks, raising home prices is the medicine for those banks stricken with foreclosed property and questionable mortgage loans. According to many, this will hasten the end of the credit crunch; however it will not happen overnight.
The government is trying to help out with an $8,000 tax credit for first-time homebuyers; however this ends November 30 and winter is not a good time for home sellers because home buyers usually don’t go out during the winter months.
A Tampa, Florida realtor could also help those people facing foreclosure by helping them negotiate a short sale on their home with their financial lending institution or bank. A short sale is when the lending institution agrees to accept less than what is owed on the mortgage loan, a short in the loan payoff in order to keep the homeowner from going into foreclosure and the bank owning a home that is empty and hard to sell.
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