Tuesday, April 7, 2009

Is Real Estate in Suburbs is Making a Comeback?

Forbes Magazine reports that areas hardest hit by the real estate bubble -- California's Inland Empire for example -- seem to be turning around. This area just east of Los Angeles with approximately 3 million people has been negatively impacted with one of the highest foreclosures and the largest surges in unemployment in the nation.

Forbes quotes top agent George Guerrero from Advantage Real Estate in Chino Hills who says he sales are increasing and inventories are finally starting to decline. "There's been a real surge in sales," Guerrero says. "The market has come back to where it should be. I think we are ahead of the curve here of the overall recovery."

Across the nation, existing home sales (mainly in the suburbs) have been rising for the past few months. The highest rate of growth is happening in Sunbelt states, like Arizona, Nevada and Florida, as well as in California. While loans are harder to find, these homes are much more affordable than they were a few years ago. Buyers with good credit are finding they can purchase for 50 percent below the peak. And with gasoline prices having dropped to more reasonable levels, families are, and will continue, to move out to the suburbs.

Read the entire Forbes article here.

If you are a first-time home buyer -- or if you are looking to take advantage of record low interest rates coupled with great bargains in the home market -- you need to make sure your credit is in order. You should always start evaluating and repairing your credit about 6 months before any major purchase. The Credit Secrets Bible takes you through the steps to help repair your credit. I was able to raise my credit score -- using The Credit Secrets Bible in the last two instances -- and save myself $$thousands in points and interest.

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