THE END IS NEARING

“Single family home prices are expected to bottom out late in 2009 and then stabilize during 2010.”

That is the conclusion of George Fulton and Donald Grimes, the renowned economists from the University of Michigan. In their 24th annual Oakland County Economic Outlook presentation given on April 30, 2009, they forecasted another difficult year for unemployment with a turnaround expected beginning in 2010. They predict net job growth to be positive in 2011.

Unemployment rates for the County should peak in 2010 at 12.0% and fall below 12% in 2011.

Inventories of homes for sale have already been on the decline for several quarters. While there are still plenty of choices available to buyers, much of what is on the market falls into the distressed category. Field reports indicate that turnkey homes in good condition are already a tough find in some market segments.

Buyers desiring a traditional transaction on a move-in condition home should think seriously about making an acquisition this year, before that market segment tightens further.