After much disappointment and bad news over the housing market, it seems as though we may have something good on the horizon. A statement issued by The Department of Housing and Urban Development predicts that the price of homes should begin to rise in the next few months. Of course, this news comes in the face of significant decreases in home prices and property values over the past few years. Whether this prediction comes true is partially controlled by the fact that there is not really anywhere to go except up. In any case, this could mean good things for the housing market, and economy in general.
Brighter Days May Be Ahead
The Department of Housing and Urban Development Secretary, Shaun Donovan, has suggested “The real question is when will we start to see sustainable increases? Some think it will be as early as the end of this summer or this fall.” With a slow, but steady, increase in home values over the past nine months; the industry is hopeful things are beginning to look up. Despite record highs for the number of foreclosures, the past several months have also begun to reveal a general downward trend for foreclosures. As foreclosures continue to decrease, the property values will increase; a sign that the housing market may be pulling out of a slump.
Although the housing market varies in each state and city, the overall trend is beginning to bring hope back to consumers. The Department of Housing and Urban Development is of the opinion that now is the best time for consumers to buy. Houses are more affordable than ever and lending options have begun to level out, providing many consumers with the opportunity to purchase a home. Purchasing a home is a long-term investment and first time buyers, or those that have suffered financial troubles in the past, are urged to seek qualified financial advice before applying for a mortgage loan.