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Rise in Foreclosed homes for Sale Give New Meaning to the Housing Market

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By : Dywon Marck Taylor    99 or more times read
People are starting to buy foreclosed homes for sale in Utica NY once again. This lifted the battered industry that was once facing a negative future for more than a decade now. There was a rise in the industry’s closed signed contacts for foreclosed homes for sale by the month of November 2010. This is expected to give boost to the housing market for this year, compensating for the usual two month lag that usually happens between a sales contract and a completed deal.

According to economists, people are buying foreclosed homes for sale because of their steep discounts. The number is expected to rise for the next coming months as more jobs are created and home prices are expected to stabilize. “Sales appear to be picking up and we expect better sales in the next several months,” these are the exact words of a housing economist by the name of Patrick Newport. He also added, “A lot of that is because the job market is improving.”

Many economists are expecting home prices to drop another five to ten percent for the next six months of this year before prices will stabilize. In October 2010, prices fell in twenty of United States’ largest cities, according to Standard and Poor’s home price index. This means that now is the time to act and take advantage of the low prices while you can. Many people are taking this choice as indicated by the increase of sales by 3.5 percent last month. Contract signings are looking good in the West and Northeast.

So if you have the money to spare now, then you might as well consider buying one of the foreclosed homes for sale in Utica NY. Be one of the one of the people who will own one of the 4.8 million units that are expected to be sold this year.

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