Local Lender on 2010 Housing Market

One of the things I like to do for people who visit northiowafsbo.com is to gather information about the housing market and make it available right here in one conventient spot. I try to do that by gathering information from sources online as well as talk to local experts.

Pat Thompson is a local lender at Farmers State Bank in Mason City. He's hopeful, but realistic about 2010.

"2010 will hopefully be a stable year. I don’t see rates doing anything drastic. Home sales by units I think will be stable and maybe slightly increase. As far as home values, I don’t think we are out of the woods yet. Still a lot of good deals out there which is great for those capable of buying but I ultimately think that the overall home values may still suffer and/or not rebound because of the deals being made now."

By mid-January 2010 it is estimated sale prices in Mason City fell an average of 5-percent during the 4th quarter of 2009.

http://http://www.globegazette.com/articles/2010/01/15/news/latest/doc4b5003f8d7a99438558809.txt#vmix_media_id=9300077

This article from CNNMoney.com reveals many insiders aren't forecasting a rise in national home prices for 2010. It cites three main reasons: a coming flood of foreclosures, rising interest rates and the eventual end of the tax credits.

http://http://money.cnn.com/2009/12/31/real_estate/home_price_drop/index.htm?postversion=2009123106

FSB's Pat Thompson has this to say about the article. "Depressing, but interesting. I agree with the article, but I do think that extremes that we feel in our local markets are far less than nationally."

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