Here's an interesting little snippet from the CEO of Freddie Mac.
Daily Real Estate News | January 27, 2010 |
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Freddie Mac CEO: Housing Is Near Bottom
The inventory of foreclosed houses still hampers the recovery of the housing sector, but overall, the U.S. housing market appears to be at or near bottom, Freddie Mac CEO Charles Haldeman told the Detroit Economic Club on Tuesday.
He predicted that the 30-year fixed mortgage rate would remain between 5 percent and 6 percent through 2010.
"The big downside risk to all this is a large wave of homes now in foreclosure potentially hitting the market at prices that are destructive," Haldeman said.
Source: Reuters News, Soyoung Kim (01/26/2010)
In Southeast Texas our foreclosure rates have remained relatively stable and don't comprise a big part of the residential housing market. If foreclosures are the thing hampering the recovery across the nation, Southeast Texas should recover faster than the markets with higher foreclosure rates. In a few more days we'll see how many homes sold in Jan. 2010. What's your bet? Have we hit bottom? Let me know what you think.
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