I live and specialize in an active adult gated golf and tennis community. I have seen business picking up all around our area and was really looking forward to a healthy market in 2010. I have been spreading good news and then tonight I read an article in one of my real estate letters that talks about the 'new housing crash'. Apparently over 7 million foreclosures will be hitting the market over the next year. I have known for some time that there was still a wave of foreclosures coming, but I had no idea it was so huge. It is rather a dicy situation. Do the banks flood the market and kill the housing recovery that has just started to take place? Or do the banks hold onto the foreclosures and end up going under? It is a very sad and scary situation. If the market is flooded with the foreclosures, it will no doubtedly depress values even more, and just when we saw our first gain (0.03%) in several years. I have been looking forward to a stellar year, but now just hope we remain steady.
Linda Novick, Associate Broker, Windermere Real Estate Coachella Valley Website: www.lindanovick.mywindermere.com Email: lindanovick@windermere.com
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