The Lori Bowers Group

I was at a seminar for the state of real estate in California and in our area yesterday. These facts I am presenting are from very well made computer caluculations over many years. This is important information as we live our new life in a new economy.We all have a good life, just a different life.
1.It looks like there will be 15,000-20,000 foreclosures a month in California over the next 2-3 years.
2. The stimulus is workin. Inflations is a concern.
3. Consumers are not spending. The credit impaired younger consumers cannot spend the way the used to. The wealth impaired older affluent consumers willnot spend.
4. 2012 a huge amount of commercial debt is coming due and for now there is no financing available for commercial loans.
5.Housing starts are lower in the United States than since 1958
6. 2010 in California they are seeing high end homes to decline about 20% and low end homes to stay the same or raise alittle.
7.In 2009, 84% of buyers in Califoria bought homes under $500,000.
8. In August 2009, 80% of home sales in Riverside County were distressed sales.
9. Over 1/2 the homes sold in 2009 had multiple offers
10. 47% of buyers in 2009 were 1st time buyers. 38.6% were 1st time buyers in 2008.
11. 19.6% of sales this year have been cash sales.
12. 58% of buyers say it is very hard to get financing.
13. 30% of sellers are selling because they cannot make mortgage payments
14.February 2010 is the date set for the reform of the Mortgage and Hosuing Agency.
Here is clincher- If you don't have equity in your home, you are not a homeowner.