January 2008

The law of supply and demand clearly shows an indirect relationship between the two. Applying the principle to real estate, it is understandable that the availability of thousands of Connecticut foreclosure homes will attract buyers. But because the supply of these foreclosures exceeds the demand for them, sellers will have no choice but to offer buyers with more incentives as well as a significant reduction in their listing prices.

Since Arizona remain to have one of the highest number of foreclosure homes, it is not surprising how distressed homeowners are opting for a short sale in order to avoid foreclosure. Having a foreclosure on your credit report will certainly affect your financial credibility and thus cutting your losses with a short sale is a smart move. Of course, the large supply of Arizona foreclosure homes will pose a challenge for these distressed home owners. The good news is the proceeds of the short sale are considered to be non-taxable income.

Despite plummeting home prices in most states, home values in some Idaho cities are enjoying a nice boost – thanks to the so-called “Temple Effect”.

It seems that wherever a Church of the Jesus Christ of Latter-day Saints is about to be constructed, home sales perk up. Vacant lots near the temple site are immediately bought and the demand for these properties dramatically surge. Cities like Twin Falls and Rexburg have experienced such event. Experts are actually not surprised with the local market conditions. Location has always been an important factor when buying a home. Some buyers consider being near excellent schools or their place of work as important while some, like these faithful Idahoans, prefer living near these Mormon churches.

Amidst large slump in national housing market, the state of Connecticut seems to be immune to dropping home prices and plummeting sales. According to a report from Hartford Courant, real estate market conditions remain stable, allowing home prices to increase slightly last June. With such good news, it is not surprising that Connecticut foreclosure homes are being considered as worthy investment.