The Look Team Releases findings on the Future of the Housing Market from the Silicon Valley Association of Realtors Meeting

CAMPBELL, CA, January 14, 2011 (Press-News.org) The Look Team, creators of listinglook.com, recently released a report detailing findings from two 2010 Silicon Valley Association of Realtors meetings, in which two top economists discussed the fate of the housing market.

The economists spoke at two local real estate meetings held by Silicon Valley Association of Realtors.

The report notes that the economists, Lawrence Yun and Leslie Appleton-Young, agree that the housing market has entered recovery.

Lawrence Yun, the chief economist for the National Association of Realtors, spoke at the Silicon Valley Association of Realtors general meeting in October to discuss the Bay Area housing market.

He stated that, "The worst in [home] sales is clearly over. Even in the worst market, the bleeding has stopped.

Yun also stated that:

* Tax credits boosted home selling.

* Demand is high for people to live in the Silicon Valley region.

* The only thing holding back the Bay Area housing market is the unemployment factor & psychological outlook.

* Mortgage rates are still at a 50-year low.

Yun also predicted that stressed sales (short sale homes, reo/bank-owned properties) will remain a fixture in the market for at least two more years

The second Realtor-economist, Leslie Appleton-Young, that visited Silicon Valley discussed the Bay Area housing market.

Leslie Appleton-Young, Vice President & Chief Economist for the California Association of Realtors, agreed with Yun that the worst was over and both economists agreed that the housing market is at the beginning of a slow recovery, but Appleton-Young contended that 2011 will be a lackluster year.

Appleton-Young also stated that:

* The GDP is slowly on the rise. Consumer confidence in October was at 50.2, up from 48.6 percent in September.

* Unemployment is at 12.4 percent for California, but by the end of 2011 it will most likely be around 11.4 percent.

* Distressed home sales will continue to be a factor in the Bay Area housing market for four or five more years because of the significant number of homeowners that remain underwater.

*Notices of Default are down 36.5 percent and Notices of Trustee Sales (foreclosure auctions) are down 7.6 percent.

Appleton-Young also noted that in a recent survey on distressed properties, over 50 percent of the properties had multiple offers, with an average of four offers per transaction, but she predicts a change in the median home price, up by two percent.

Wild cards Appleton-Young discussed included the prediction of another potential recession, federal economic policies, negative equity homeowners & shadow inventory (not knowing how many homes will enter as distressed properties into the Bay Area housing market due to underwater homeowners).

Overall, most of the information detailed in the meetings is positive, especially the two percent upside for median home price gains, the report stated.

However, a recent article from the Associated Press, which The Look Team used to further supplement their findings, did not paint such a rosy picture.

AP found that the recent Standard & Poor Case-Shiller 20-city home-price index had fallen and that all cities recorded monthly home-price declines for the first time since 2009.

The article's author also predicted that distressed properties will be in play for at least two more years and that many U.S. cities will still see a five to 10 percent drop.

The Look Team, creators of listinglook.com, is a Silicon-Valley based company that specializes in remodeling homeowners' homes through light construction and professional staging so they're ready to sell, and assisting buyers with pre-move-in remodels, in addition to negotiating and handling all the intricate details of the real estate transaction.

The Look Team was featured in the 2007, San Jose Business Journal's "40 Under 40" businesspeople article, has received many brokerage achievement awards, and was written up repeatedly in San Jose Magazine's "Top 5% of Realtors in Silicon Valley".

To more information and to view the full report, refer to the following links:

http://thelistinglook.com/2010/12/housing-market-musings-for-santa-clara-county-property-is-the-worst-over-conflicting-reports/

http://thelistinglook.com/

Contact:
Lori Ann Wolff, Agent Angel
The Look Team
2110 S Bascom Ave, Ste 101
Campbell
California
95008
Ph: (408) 583-3560