Newly released reports from various economists paint a mixed picture for the entire housing market, but key points indicate good news such as the slowing of price declines, California foreclosures are dropping to new lows and sales of new homes in California are on the rise compared to last year.
Furthermore, affordability remains high while interest rates remain close to record lows. Also, the national unemployment rate has dropped a half of one percent, but on the flip side, foreclosures are still holding down home prices in some key areas while credit standards remain tight making it tough for potential homebuyers get mortgages.
Other positive notes include; foreclosures for the first three months of 2012 are at a level not seen since mid 2007, home sales are improving but at a slow pace from near record lows and home inventory continues to decline which helps keep home prices up and promotes home builders to build new homes to help replenish the markets declining inventory.
Overall, 2012 should be a better year than 2011.