MSNBC spoke to the CEO of RealtyTrac, James Saccaccio, located in our own backyard of Irvine, California. What’d James have to say? “Sales activity appears to be increasing in some of these hard hit markets as home prices have fallen to levels that are attractive to first-time homebuyers and investors.” First-timers are in an ideal position to purchase a home now, mainly because price levels have dropped back to around 2003 levels, not to mention the $8000 tax credit which is currently available until December 1st of 2009.
Newbies to the buying game are seeking out bank-owned property and
short sales. 24-year old Albert Ko, an Orange County resident interviewed in the article, is seeking a home that he can live in now and rent out later. He’s finding the prices on homes in the Irvine market haven been slashed in half since he moved to Orange County two years ago. Here at SHORTsense.com, we find it refreshing that short sales are giving younger families their lucky break in the housing market, since they certainly won’t find themselves as lucky in the job market!
Minda Reves is a freelance writer for SHORTsense.com