The real estate bears have plenty of fodder. There's the $230 billion in variable-rate home loans that will reset between now and 2012—a wave that could trigger another round of defaults. And more problems are brewing in commercial real estate, which some experts believe will generate $375 billion in losses on top of the $1.1 trillion hit from housing.
But, as the saying goes, all real estate is local. And amid all the Sturm und Drang, small signs are emerging that the housing market is starting to stabilize, even in such hard-hit areas as Las Vegas, Washington, D.C., and coastal Florida. For the first time since 2004, sales of existing homes have risen for three straight months. At the same time, the inventory of unsold homes has decreased. Equally important, more homeowners are selling their properties at or near their asking prices. Here's a look at the four groups that make the housing market go: buyers, homebuilders, mortgage lenders, and sellers. More...
The next wave of foreclosures could hit the luxury home market in Mesa particularly hard.
Posted by: dwjuvan | 17 August 2009 at 12:29 AM