From msnbc.com:
A recent survey of more than 1,800 real estate professionals has indicated that 2012 might represent the end of the down real estate market and the start of a rebound, with 10 specific local markets expected to lead the way. The biggest challenges facing the recovering market, agents said, will be short sales, loan qualification rules and foreclosures. (What? these are the best parts!)
Collected from among the more than 220,000 ActiveRain real estate professional community members, the survey highlighted which specific markets across the United States held the most optimism for growth among real estate agents as well as which markets were expected to continue struggling into 2013.
An infographic and deeper summary of the survey’s findings can be downloaded at www.activerain.com/real-estate-values.
“Real estate is a deeply local business, so it’s no surprise to see such differences in optimism and pessimism between agents in vastly different market conditions,” said Nikesh Parekh, chief executive officer for ActiveRain. “But the fact that, as a group, they expect improvement during 2012 is a good sign for the real estate industry and for the economy overall.”
Below is a list of real estate markets ranked by real estate agent confidence, according to the survey:
Top Real Estate Markets
1. Fort Myers – Naples
2. Austin
3. Boise
4. San Antonio
5. Miami – Fort Lauderdale
6. Denver
7. Dallas – Fort Worth
8. Nashville
9. Houston
10. Salt Lake City
Worst Real Estate Markets
1. Reno
2. Sacramento
3. Chicago
4. New York
5. Providence, RI
6. Springfield, MO
7. San Diego
8. Los Angeles
9. Cleveland
10. Philadelphia
I wonder how they decided who to ask. If you’ve got 100 metro markets that’s only about 20 Realtors per market.
Jim, that is not surprising to me. I mentioned the shadow inventory to another agent this morning at the broker’s meeting and got a blank look. We have 3-4 months inventory on the MLS right now, stale and overpriced for the most part. When I look on RealtyTrac at the best Zip codes I can see what’s coming in the way of distressed properties and it is at least as many as are currently listed.Jobs and wages aren’t important?
The doomers who only promote hysteria to get more hits aren’t seeing what I have documented here over the last 2-3 years.
The reason there are so many on the default list is because the banks/servicers are taking so long to process the loan modifications. The cancellations and postponements of trustee sales are far greater than the actual foreclosures. This year in DM, LJ, SB, RSF, & CV there have been 101 SFR cancellations and postponements, and 5 foreclosures. That is it.
Now that short-selling is the official policy, expect that the default lists/shadow inventory will keep growing. Might as well live for free while you’re waiting for your cash-for-keys!
Jim,
Sellers better hope they can get rid of their house by December. Otherwise, Uncle Sam’s going to want payment too.
With very thin inventory out there, even with overpriced turkeys, the market won’t move down without more than 6 months of inventory. My sampling of the area I’m searching in is roughly 1-2 months. That’d normally be high appreciation numbers. Hopefully we get more to choose from in a little while.
Chuck
Sorry, meant “sellers” to be “short-sellers”.