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Bill, Home Seller in Murrysville, PA

Now with the elections over and the Republicans gaining more influence in the Fed gov what short term and long term effects will there be on the RE ma

Asked by Bill, Murrysville, PA Thu Nov 4, 2010

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About the same as the last time they had more influence in the Fed Government. Until all parties concerned, that means we the voters, too, start acting in the best interests of all, things will remain status quo. I know of few who are raising children who teach those children to act like most voters. WE are the solution. IMHO.
1 vote Thank Flag Link Thu Nov 4, 2010
The short term effects will be minimal; America typically takes the last six weeks of the year off from the real estate market anyway.
0 votes Thank Flag Link Thu Nov 4, 2010
2011 will be the year of the REO!.

Inventories of REO's have been piling up as banks have sped up the process of reclaiming properties through a number of methods including judicial and non judicial foreclosure ("Deed in lieu" of Foreclosure). Banks have been letting these properties pile up partly because there processes have been flawed and partly because they are waiting for a recovery in the housing market so that they do not have to write down huge losses.

In the coming year the banks will have to bite the bullet and bring more REO's to the market because of political and market pressure.
0 votes Thank Flag Link Thu Nov 4, 2010
The real estate market will continue to decline for the next several years, in my opinion. There is another wave of foreclosures that we are going through right now. And until jobs are created by reducing spending and taxes, consumer confidence will continue to decline.

Watch closely what the lame duck session will be doing. They may possibly pass many more bills spending taxpayer dollars which the people do not want.
0 votes Thank Flag Link Thu Nov 4, 2010
Hello Bill,

Well the election hasn't changed the number of foreclosures that are looming and nobody has come up with a solution to the problem.. The toxic debt was not disposed of, but absorbed by the taxpayer, the Home Affordability Act has failed to help the majority of homeownerfs in distress and the HAFA loan modification program is a complete joke. Unfortunately the only fair solution in my opinion is to let distressed homeowners go through the foreclosure process. That creates certainty and clarity and allows true market forces to determine future home value. More pain to come and maybe 5 years of bouncing along the bottom with possibly 10 to 15% more downside to property values. Unfortunately when the market is cleansed and ready for a rebound there will be higher interest rates to deal with.
On the bright side, there will be lots of bargains out there!

Alan
0 votes Thank Flag Link Thu Nov 4, 2010
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