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Good News For Boca Raton Home Buyers and Sellers

Good News - Homes Sales and Prices to Improve Last Half of 2008

Lawrence Yun, Chief Economist for the National Association of Realtors expects home sales and prices to improve throughout most of the country in the second half of 2008. Recovery to vary in each market area.  That is certainly good news for South Florida and the Boca Raton real estate market.

According to Yun,  “…over the next five years, … markets like Miami, Las Vegas and Phoenix could see prices go up as much as 50 percent during that time period.” 

Now that the subprime market has pretty much dried up and loans insured by FHA, Fannie Mae and Freddie Mac are returning to the marketplace,  Mr.Yun is hopeful that the housing market will strengthen and prices will start to recover over the next few months. 

With regard to the number of foreclosures, Mr. Yun explained that more than half of all foreclosures today were primarily from consumers who got subprime loans and could not afford to make their mortgage payments when the interest rates reset to higher rates.  On a positive note, Yun stressed the fact that the majority of homeowners are current on their mortgage payments.

With market conditions favorable for buyers right now, it is a great time to buy Boca Raton real estate.  For more information about buying or selling Boca Raton real estate, please contact us.  

This blog entry currently has 1 comments posted.

Toronto real estate agent

I guess that areas as Boca Raton will always be very popular. The spectacular combination of warm and sunny weather and sea proximity boost the popularity of certain areas into the sky. So, it is not surprising that real estate prices are expected to rise. As a Toronto real estate agent I hope that these areas won't be too much plagued by hurricans or other disasters.

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