What will happen to housing in 2012?

(This is informational content not legal advice)

Well there are a lot of variables involved, but overall we’re looking at more of the same and possibly still continued drop in values.

1.5 Million homes in foreclosure
3.5 Million homes entering foreclosure
10 Million homes Underwater – more owing than they are worth.

Lending is not getting easier, but still very difficult to achieve. Over 50% of people with good credit are not able to get financing for purchases. Banks are overly tight in lending.

Obviously home values are very regional, but if you are looking to buy this year it will likely be a good time without a lot more reduction in values. There is some good FHA financing available.

If you are looking to sell at a profit, its a bad idea.

For the foreseeable future we are seeing a ton of short sales and foreclosures coming on the market.