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Daily Real Estate News  |  October 22, 2009  |   Wall Street Journal: More Foreclosures
Housing inventory is likely to continue increasing in 28 key metro areas, according to the Wall Street Journals’ quarterly survey of housing data.

Areas where the number of foreclosed homes is likely to contribute the most to the inventory of available properties include Las Vegas, Atlanta, Detroit, Phoenix, Miami and other parts of Florida, and Sacramento, Calif.,

Areas where the fewest homes are likely to go into foreclosure, according to the survey, include Boston, Denver, Minneapolis, San Francisco, Seattle, Raleigh, N.C., and Portland, Ore.

Mark Zandi, chief economist for Moody’s Economy.com, predicts that home prices will hit bottom in most parts of the country in the third quarter of 2010. He says that mortgage rates will rise beyond 6 percent by March 2010 as the Federal Reserve reduces its support for low interest rates.

In the meantime, observers point out that the housing market can confuse anyone shopping for a home because even in hard-hit markets like Las Vegas, well-kept, moderately priced properties are hard to find and are snapped up when they come on the market.

"Anything under $300,000 that is decent within hours has dozens of offers," said Michael Lyon, CEO of Lyon Real Estate in Sacramento.

Source: The Wall Street Journal, James R. Hagerty (10/22/2009)

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