Next year, housing prices will likely drop 5-10% nationally-finally hitting bottom, according to Altos research, a real estate data company.
That doesn't mean that we're instantly going to bounce out of that trough. Expect local price instability. Early 2011 will bring the usual seasonal bounce in prices, similar to this year's period of price stabilization that occurred before the expiration of the home buyer tax credit.
Altos' latest housing market update projected that an uptick in seasonal demand would start to be visible in the third week of January. But two supply trends will ultimately drive prices lower next year; rising inventory and lower quality of that inventory, mainly because of foreclosures and short sales. Foreclosures are released in bundles, otherwise, the market would be inundated with these homes
We are not going to see improvement until 2012. It will come quicker than you think. So, hang in there. However, if you are struggling to keep your home and need help because you're not sure what to do next, contact me. I am a short sale foreclosure representative. Let me help. If you just want to sell or buy a home, I can help you with that as well. Call me, Lisa Longest at 443-786-4200 or email me at firstname.lastname@example.org I specialize in Stevensville MD and surrounding areas.