Bright News for Corpus Christi Foreclosures Realtors

by on cities

Realtors and other business leaders gathered to listen to Washington, D.C.-based economist Lawrence Yun talk about matters affecting Corpus Christi foreclosures and foreclosures for sale in Texas.

The symposium was held at the Congressman Solomon P. Ortiz International Center on March 25, 2010 with over 250 of the city’s real estate businessmen in attendance. Yun shared the good news about the improved state of the housing markets in Southern Texas and across the country, plus the positive impact it has made on the national economy at the start of 2010.

Yun who is the senior vice president of the National Association of Realtors painted a pretty picture of a recovering housing market due in part to the government’s introduction of a tax break for people purchasing homes for the first time, the tax credit is slated to expire in June this year.

The tax credit was targeted to the middle class economy whose wealth is generally concentrated on home equity as opposed to the upper class whose wealth is on the stock market. Yun shared estimates indicating that 400,000 more new homes will be purchased this year compared to 2009, which will add to a growth of about two to four percent in the price of homes.This growth will further stimulate the recovery of the housing sector.

Even investors are starting to find their way back to the housing market, which can only be good for Corpus Christi foreclosures. But Yun cautioned that foreclosures will continue to be a problem this year as federal and state regulators strive to correct certain dubious lending practices prevalent in the market today and are still being employed in foreclosures for sale in Texas. He is confident though that if consumers continue to their buying trend, then foreclosures will experience some stability.

However, this positive trending will not extend to the business of commercial property, condominiums and second with banks and other private lenders still reeling from staggering losses in the last couple of years. The local govnerment continues to share the burden of  Corpus Christi foreclosures through guarantees and low interest credit offered to homeowners, so prospective buyers need not worry about owning property in the city.

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