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Signs of a Housing Comeback

February 23rd, 2012 | Author: Marketing @ Atacan Group

Local housing expert Dr. Kevin Gillen, Vice President of Econsult Corporation has a snapshot of current market conditions from NBC 10.

  • 5-10 years for serious recovery.
  • Probably won’t lose much more on prices. 3-5% decline. Varies on neighborhood.
  • Housing Sector problems are national in nature, employment and credit need to be fixed.
  • Local initiatives going on now are reassessed values which currently have a very loose relationship with actual underline property values.
  • Transfer tax holiday to provide incentive for people to buy?
  • Why rescue someone under water?  Because of spillover in housing market.
  • 40% of mortgages financed by Fannie and Freddie, when they tighten up, everyone is affected.
  • Seeing a little bit of easing on credit but conditions are still tight!

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Posted in Market Data, Philadelphia Insider, Philadelphia Real Estate News, Philly Living, Uncategorized | Tags: , , , ,

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