2008 will be known best known for it's rough real estate property foreclosures and price drops. There has not been a real estate market crash. The 1980's crash has been referred to many times in the same breath as the recent disaster.
Things are looking up for the market and by the end of '09 we should see properties start rising again. Property owners will love hearing this as some weren't sure it would ever happen. Once the market hits rock bottom, it will start gaining steam and you will see pricing start to rise.
You will only begin to learn how the market can rebound once you know how it failed. The problems can't be blamed on any one thing. A huge reason it all started was house and property prices doubles in value from '00 - '06.
As prices were rising at amazing rates, potential buyers acknowledged that they weren't making enough money to purchase a home. There started to be a lot of houses on the market but no suitable buyers, this meant values had to come down in order for people to be interested in them.
Some experts also talked widely about mortgages and how sub prime lending and how it helped speed up the market crash. Lending in the USA was at the for front in this regard. With our country being right beside the powerful US, it hit us hard as well.
What happened was a ton of loans were approved to unqualified buyers with very little down payment. So for people that purchased their home at the peek of the market pricing, it meant their mortgages were now worth more then their actual house was worth.
Eventually the pressure mounted as the inadequate buyers were missing scheduled mortgage payments. Foreclosures were starting to pop up everywhere. Pricing started going south once all these bad mortgage owners foreclosed on their property. The market started filling up with foreclosed houses, this meant there were more houses then buyers, it turned into a buyers market.
Unfortunately, Canada and the Kamloops real estate market is directly affected buy those happenings in the USA. Now that their market is near its bottom, we will start to see some change in our real estate market.
Also realize to that if you were to look today, most big city centers are seeing property prices increase, this means that it cant be far away for people located in the suburbs and smaller cities. Since house prices have come down, there are now more people that can afford them. This means that Kamloops real estate along with the rest of Canada is should start to see good things happen.
Things are looking up for the market and by the end of '09 we should see properties start rising again. Property owners will love hearing this as some weren't sure it would ever happen. Once the market hits rock bottom, it will start gaining steam and you will see pricing start to rise.
You will only begin to learn how the market can rebound once you know how it failed. The problems can't be blamed on any one thing. A huge reason it all started was house and property prices doubles in value from '00 - '06.
As prices were rising at amazing rates, potential buyers acknowledged that they weren't making enough money to purchase a home. There started to be a lot of houses on the market but no suitable buyers, this meant values had to come down in order for people to be interested in them.
Some experts also talked widely about mortgages and how sub prime lending and how it helped speed up the market crash. Lending in the USA was at the for front in this regard. With our country being right beside the powerful US, it hit us hard as well.
What happened was a ton of loans were approved to unqualified buyers with very little down payment. So for people that purchased their home at the peek of the market pricing, it meant their mortgages were now worth more then their actual house was worth.
Eventually the pressure mounted as the inadequate buyers were missing scheduled mortgage payments. Foreclosures were starting to pop up everywhere. Pricing started going south once all these bad mortgage owners foreclosed on their property. The market started filling up with foreclosed houses, this meant there were more houses then buyers, it turned into a buyers market.
Unfortunately, Canada and the Kamloops real estate market is directly affected buy those happenings in the USA. Now that their market is near its bottom, we will start to see some change in our real estate market.
Also realize to that if you were to look today, most big city centers are seeing property prices increase, this means that it cant be far away for people located in the suburbs and smaller cities. Since house prices have come down, there are now more people that can afford them. This means that Kamloops real estate along with the rest of Canada is should start to see good things happen.
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