Well guys for most of 2009 the housing market has been on government life support. What will be interesting in 2010 is what happens when the resuscitator is unplugged. Most economists predict the Fed having to raise interests rates come summer. That won't be the biggest test though. This spring the Fed will stop purchasing mortgage backed securities, pulling away the safety net banks have enjoyed for the past year.
A big plus for 2010 is another influx of foreclosures. This is not good news for home owners that purchased their homes after 2004 but great news for homebuyers who are looking for good deals. Depending on what part of the country you live in, 2010 will be remembered for some of the best housing deals ever! Banks can't wait to get these properties off the books. (Of course out in the field it doesn't feel that way does it?) Home owners may be willing to take a hit on selling their homes in 2010 to take advantage of some spectacular pricing in 2010.
This much you can expect: 1. Prices in most areas of the country are coming down at least another 10 percent. 2. 2010 will be even a better year than 2009 for investors 3. Banks will tighten credit come spring/summer.
Info: Rich Castro
