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Prices of Duplex Foreclosures and Houses Expected to Decline Further

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By : John Cutts    99 or more times read
The prices of residential properties, including duplex foreclosures, are projected to drop further in 2011. According to housing market experts, nationwide housing prices will decline further this year until the third quarter, particularly among mid-market regions like California.

Residential property prices as well as rates for foreclosed homes in Irvine, CA, and distressed dwellings in various areas of the state are projected to fall this year. Prices of homes in Sacramento, for example, are expected to drop by over 8% by the time the third quarter of 2011 is underway. Most analysts predict that majority of U.S. markets will record further declines in housing prices this year, but will start experiencing improvements by 2012.

A number of housing market experts stated that price declines for both non-foreclosed and California foreclosure homes will occur until the third quarter, but will start reversing by the fourth quarter of the current year. For the whole country, prices are expected to drop for the first three quarters of the year, with most markets expected to experience a flat price trend by fourth quarter and a gradual rebound by the first quarter of 2012.

In several areas of California, prices of non-foreclosed and foreclosed properties, including duplex foreclosures, have already stabilized. In San Francisco, prices of houses have reportedly started to climb, leading most investors and buyers to look for potential purchases in the neighboring Sacramento market instead. The rest of the state's housing markets are expected to gain stability in prices by the end of 2012; the same timeline given by analysts to majority of U.S. regions.

Industry experts have stated that the huge supplies of properties under foreclosure house sales remain the biggest factor behind the slow improvement in housing prices. According to them, these properties, with their heavily discounted rates, are continuing to pull down values of real estate all around the country. Experts stated that as long as supplies of distressed homes are at high levels, prices will continue to remain low.

They also stated that the poor condition of the job market is playing a role in depressing the prices of residential properties. Housing experts asserted that an improvement in the job market will help improve the prices of residential properties, including duplex foreclosures and other distressed real estate.
John Cutts has been educated in the finer points of the foreclosure market over 5 years.

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