Bay Area Home Prices Predicted To Improve This Year
Any of you who read this blog regularly know that I do not like to make predictions. Usually, my crystal ball is kind of cloudy on when things are going to happen, so I just steer clear of sounding like a know-it-all.
Other people, however, have crystal balls as clear as gin and can see far into the future with perfect clarity.
Such is the case for an organization called Clear Capital. This California-based group has issued some predictions for the housing market for 2012, and I thought I would pass them along to you in case you didn't read today's Tampa Bay Times.
According to Clear Capital, the Tampa Bay area will see residential real estate prices increase 7.4% this year. That would make this area sixth best in the nation as far as price increases go.
They base this prediction on the fact that Tampa Bay suffered through some of the biggest declines in value in the last few years. So, I guess that in their opinion we have no place to go but up! Of course, the story also indicated that we are seeing a decline in housing inventory which should drive prices up, and a reduction in foreclosures as banks now prefer short sales which sell at a higher price than foreclosed property. With fewer houses on the market, prices should start to recover in this area. It's that old supply-and-demand thing from Econ 101. Remember it?
What other areas are predicted to have prices rise this year? Orlando, +11.7%. Miami, +8.8%. Jacksonville, +4.3%.
Clear Capital says some areas will still be falling. Atlanta, -14.4% (worst in the country). Los Angeles, - 10.3%. Seattle, -7.5%.
All I can say is that I hope these guys are correct about Tampa Bay. They indicated that most of the gains will come during the second half of the year, so look for rising prices after July.
Other people, however, have crystal balls as clear as gin and can see far into the future with perfect clarity.
Such is the case for an organization called Clear Capital. This California-based group has issued some predictions for the housing market for 2012, and I thought I would pass them along to you in case you didn't read today's Tampa Bay Times.
According to Clear Capital, the Tampa Bay area will see residential real estate prices increase 7.4% this year. That would make this area sixth best in the nation as far as price increases go.
They base this prediction on the fact that Tampa Bay suffered through some of the biggest declines in value in the last few years. So, I guess that in their opinion we have no place to go but up! Of course, the story also indicated that we are seeing a decline in housing inventory which should drive prices up, and a reduction in foreclosures as banks now prefer short sales which sell at a higher price than foreclosed property. With fewer houses on the market, prices should start to recover in this area. It's that old supply-and-demand thing from Econ 101. Remember it?
What other areas are predicted to have prices rise this year? Orlando, +11.7%. Miami, +8.8%. Jacksonville, +4.3%.
Clear Capital says some areas will still be falling. Atlanta, -14.4% (worst in the country). Los Angeles, - 10.3%. Seattle, -7.5%.
All I can say is that I hope these guys are correct about Tampa Bay. They indicated that most of the gains will come during the second half of the year, so look for rising prices after July.
-30-
posted by Terry Ward at 6:45 AM
1 Comments:
The financial statistics for real estates as and when new schemes come in the year.
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