5 Events That Impacted Real Estate in 2011

by ritasimpson on December 30, 2011

in How's The Market

In a recent Article in Times Magazine author Jed Kolko enumerated 5 events that helped shape the real estate market in 2011. Although those present a Macro view of the issues  they do affect our unique Malibu Real Estate Market.

For example, as a result of the Robot signing scandal,  2011 stalled foreclosures will pick up in 2012, even in Malibu. We’ve already started seeing an increase in Bank owned Real Estate on the market, and selling very quickly.

In the heat of the bubble many homeowners in Malibu over-leveraged their properties and banks overvalued them.  Although relatively few in the Malibu market, seriously underwater homeowners will be able to refinance through the Home Affordable Refinance Program (HARP). But there is a catch – borrowers must be current on their payments.

The uncertainty of the fate of the mortgage tax deduction and the lowering in the amount limits for conforming loans continue to put hurdles in the way of the recovery but there appears to be an urgency in the air to move forward and start picking up the great deals so I believe 2012 will be very different than 20111. Here more details.

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