There has been much talk about the national economy turning the corner (or at least hitting bottom) sometime soon. A couple of end-of-year analyses took a good news-bad news view with Northern California, as it so often is, at the epicenter of things.
US News & World Report cites an analysis by Mark Zandi, chief economist at Moodys.com, that housing prices will continue to fall before they begin a widespread rebound. Zandi does not expect the housing market to hit bottom until the third quarter of 2010. Of course, this will vary from place to place, even across the Bay Area (the city of San Francisco, for example, has not been hit nearly as badly as many parts of the East Bay), but the overall message is clear: there are at least a few more months of rough sailing ahead for homeowners. That means Oakland, Walnut Creek and Fairfield foreclosure prevention will remain a priority for many homeowners at least for the foreseeable future.
The continued drop in home prices in a market where many Bay Area homeowners are already underwater is likely to mean the local market in California loan modification remains brisk. As I have outlined in earlier blog posts, new state laws on loan modifications make it imperative that you seek out an experienced and reputable Bay Area loan modification attorney as you embark on the process of California foreclosure prevention, and holding onto your property.
The trick in the coming months will be to watch the California loan market and Bay Area foreclosure situation closely. A Contra Costa County bankruptcy and foreclosure prevention attorney can and should be one of your key allies throughout this process.
US News & World Report: 10 Things to Know About Real Estate in 2010
Economist: Off the Road
