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Now that the Elections are Over

Well, although my guy did not win the election, I guess that it is true. We now have to put aside our differences and try to work together. It will be interesting to see how this election will impact the housing market and help to move the current inventory in my area to a much lower number. What policies will be launched to help the real estate industry.

Looking to see what the Next 4 years bring to housing

I regularly check to see what the real state of affairs is with the housing market is in my area and I sadly have to report that one third of all the homes “sold” are Lease Option to Buy and Owner Financing. This is a very scary trend. This means that these homes are really not really sold, but they are off the market. I guess that you can label the figures anyway you wish, as long as it sends a positive message.  It seems that the real trend here is that more and more people are unable to qualify for a mortgage.  This is a very scary trend if you think about these statics. More and more homeowners and sellers are becoming a financial lender, which is not an area of expertise, but what these homeowners are resorting to as a last ditch effort to sell their home.

Another item that has not yet reared its ugly head is the fact that the rate of Foreclosures, hitting the market, have tapered off dramatically. One would think is a good thing. The real situation that I am seeing is that banks, for whatever reason, are hanging on to these homes. There are still many homes in the Greensboro area that are vacant and waiting for the back to complete the foreclosure process on them. Perhaps it is because they have to cross their “T”s and dot their “I”s, due to the robo-signing situation. Another thought is that the SEC was starting to look closely at the way Asset Management companies were selling off these properties at a lesser value than the neighborhood. Not being the full know of what these financial institutions are doing to address their inventories, it will be interesting to see how this all plays out.

The final blow to the housing market that some will have to analyze is the impact of Sandy on the east coast. Obviously there will be a boom in building in that area, but the concern that I have is the insurance aspect of the industry. Many homeowners will have to file claims that will certainly cause the insurance companies to want to raise their premiums across the entire state to help offset their losses. This is not a burden that many homeowners can afford right now. I am sure that this has not been considered at least in the media and I know that it was not bought up in the final week of the election campaign. I know that this will be something to listen for in the coming weeks now that the election is over.

Looking back over the past three years, this issue remains a major concern for the housing market and it is truly my hope that the future will be brighter. It is my hope that this recent election highlights the need for bi-partisan talks and real solutions for all people concerned.

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