Rising Wages could lead to a better Housing Market
At the Westin Cypress Creek, Doug Duncan, the chief economist for Fannie Mae addressed about 300 real estate professionals at a seminar. He talked about the economy and how incomes have been basically flat for some time but are seeing an uptick in wages. The slight increase in wages along with the slightly lower gas prices will help enable prospective homebuyers to save more money towards the purchase of a home.
Mr. Duncan feels 2016 has the potential to be a very good year and that households have come out of the crisis very conservative financially. Housing in South Florida and across the state has recovered from the collapse of 2006 through 2011. Opinions are that strong price increases have pretty much leveled out over the last year.
Some analysts feel that affordability remains an issue because most of the new construction is leaning towards more affluent homebuyers. Mr. Duncan felt that higher salaries should help ease the concerns of middle income buyers being priced out of the marketplace.
Patrick Flood who is regional operating partner of Plantation based Supreme Lending felt that the South Florida Housing Market is almost back to what is considered normal by historical standards.
Foreclosures on the east coast of Florida namely Broward & Palm Beach counties, are seeing a decline in homes that are entering the foreclosure process in light of the fact that the state of Florida is seeing an uptick in the Foreclosure rate. Overall the numbers are getting better in regard to foreclosure data and homes in distress, according to Daren Blomquist who is a vice president of Realty Trac.
This article taken from The Sun Sentinel of Fort Lauderdale Florida, Paul Owers. Distributed by Tribune Content Agency,LLC