Ever the optimist, ForeclosureS.com president Alexis McGee said Tuesday that right now is the time to buy real estate. “Who doesn’t like to buy quality product at 30, 40, 50 percent and more off retail prices?” McGee said. “Don’t be scared off by the gloom and doom talk swirling around housing markets, either. It’s a S-A-L-E.” McGee’s Web site, ForeclosureS.com, is one of many firms competing in the crowded space for foreclosure listings that are sold to potential buyers and investors looking to profit from the extended downturn in housing. She suggested last June that the foreclosure crisis was overblown, saying â€œâ€¦don’t be fooled by the numbers. The overall economy is sound, and markets will turn around.” Her positive message hasn’t changed much since then, even if foreclosures did manage to get significantly worse in the back half of last year, and even if many leading economists now believe the U.S. is headed towards a recession. “The news isn’t all bad,” she said. “Interest rates continue at record lows. Not all housing markets are depressed. The most recent LoanPerformance HPI that tracks home price trends, showed 31 states with gains over the past 12 months.” Of course, the LoanPerformance data also shows a strong decelerating trend in most states, even if the 12-month trend remains above water. The most recent S&P/Case-Shiller indices, for example, found that 13 of the nation’s 20 largest metropolitan areas posted record lows in growth rate during November of last year. Every MSA tracked in the Case-Shiller has posted negative returns for the past three months, as well. Most buyers are still waiting on the sidelines, as a result — something McGee suggested will end up being a mistake for those trying to time the bottom of the market. “What’s the bottom line? The bottom of the market is coming,” McGee contended. For more information, visit http://www.foreclosures.com.
Most Popular Articles
In early April, HousingWire Columnist Logan Mohtashami wrote about five indicators that would show when “America is back.” Now, he’s checking in on each data point to see where the U.S. housing market stands.
Engaging with the data, even soft data like surveys of opinion gives us reliable hints into what to expect in specific segments of the economy and what parts are going to recover faster.