While the previous several years have been incredibly troubling for many areas' real estate markets, RealtyPartner recently relayed that 2011 could be the worst year yet for the housing sector.
The company predicted that, after many years of struggles, the real estate market will bottom out during 2011. RealtyPartner's Research Reports discovered that housing sector's poor state, in addition to the weak job market, the number of homeowners able to stay in their residences has declined. Furthermore, the number of potential homebuyers has decreased, as financial woes have increased and lenders have tightened their standards.
"The toll that the housing crisis has taken on the economy and on the personal lives of millions of Americans has been immense," said RealtyPartner's founder and CEO Mark Quinones.
While experts anticipate the market to bottom out during 2011, others believe the sector will continue to struggle for as many as three additional years. As the number of foreclosures and underwater mortgages increase, the sector will continue to experience declines, the experts relay.
In Houston, however, the real estate market has shown improvements. Altos Research recently relayed that the prices of Houston properties increased during May, both month-over-month and from their levels three months prior.
Courtesy of 2M Realty News