The low prices of foreclosure homes are expected to bring in more investors in 2012, including buyers from foreign countries. This will help improve the real estate market's status during the year. However, states and cities will not all fare the same during the period.
Housing observers predict that improvement in the real estate market will be uneven across the country. Even with a lot of foreclosure homes for sale in their docket, areas like Boston, Rochester, New York and several cities in Texas are predicted to have a better year in terms of housing prices.
Foreign Investors Eye Commercial Properties
It is not just the residential property market that is expected to show some improvement in the newly started year, but also the commercial real estate industry. Commercial properties in the U.S. are highly favored among foreign buyers and analysts believe that this trend will continue in 2012.
Again, Boston and New York are expected to continue to be popular among commercial property investors, along with Los Angeles, Washington and San Francisco. All of these areas are centers of businesses and educational and research institutions, hence investors' interest in their commercial property markets.
What is in Store for 2012?
The housing crisis is not expected to end in 2012, but a lot more local areas are predicted to mount some form of recovery. The government's plan to rent out foreclosed homes and distressed commercial properties to investors may or may not materialize, but if it does, it will have a huge impact on the real estate market.
Meanwhile, homeowners in trouble will continue to try to find a way to get out of foreclosure or pay off debts incurred due to the housing crisis. Areas like Detroit are expected to take longer to recover, given the amount of troubled homeowners in these regions, with some of them even buying back their foreclosure homes from auctions to eliminate property tax debts.
Most Active Cities
- Miami, FL
- Brooklyn, NY
- Houston, TX
- Chicago, IL
- Los Angeles, CA
- San Antonio, TX
- Jacksonville, FL
- Bronx, NY
- San Jose, CA
- Tampa, FL
- Orlando, FL
- Detroit, MI
- Dallas, TX
- Indianapolis, IN
- Phoenix, AZ
- Fort Lauderdale, FL
- Philadelphia, PA
- San Diego, CA
- Atlanta, GA
- Fort Worth, TX
- Las Vegas, NV
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