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Los precios de casas todavía están disminuyendo

Home prices not done falling

by Anna Haug

Look for home prices to slide perhaps another 7% between now and midyear 2011, according to FiServ, a market analytics company based in Brookfield, Wis.

If that forecast is right, home prices nationally will have dropped 34% from their peak by the time they hit bottom.

For as many as three million people living in the U.S., the dream of owning a home has faded, as homeownership has declined from its peak of 69.1% in 2005 to 66.9% today (CNNMoney.com). Additionally, the vacancy rate is increasing and few new homes are being built.

Despite low mortgage rates, which averaged 4.3% in September for a 30-year fixed rate and 3.8% for a 15 year rate, "People aren't going to be in the market if they can't find jobs-or feel insecure about keeping their jobs," says Susan Tiffany, CUNA's director of consumer periodicals.

Despite these difficult times, some might see these conditions as an opportunity. If you're in position to leverage today's low rates, Tiffany has these suggestions:

•·         Shorten the term of your mortgage. You'll probably need a strong credit score and at least 20% equity.

•·         Look to free up some cash. Refinancing can reduce your monthly payments or help you save money with a lower interest rate and/or shorter term for repayment.

•·         Expand your real estate holdings. If you are looking for a second home, or an investment property, it looks like a buyer's market over the next year.

Tiffany offers one caveat: "Most forecasters are saying mortgage rates may rise gradually through 2011."

Published 1-24-2011



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