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Housing market turns corner, reports Forbes.

Well everyone, there is good news on the home front. According to Stan Humphries, and analyst for Forbes Magazine, the rate of home foreclosures has declined in June to numbers we haven’t seen since December 2007.Foreclosure re-sales are slowing down from 16.4% in May to 15.6% in June. There are some factors that come into play here. First of all, historically there are fewer foreclosures in sales in the spring and summer. This is also coupled with the fact that banks have slowed the pace of foreclosure liquidations in the past year.Luckily for us this means home values are appreciating since most foreclosures sell at a discounted rate. This also affects the surrounding homes, which tend to sell at a lower rate due to the foreclosures in the immediate surroundings.Even though the new National Foreclosure Settlement will come into play the last half of the year, lenders are much more aggressive in searching for alternatives to foreclosure.The outlook is good. The forecast is that homes in the United States will increase in value 1.1% during the next year even though the high level of unemployment coupled with the negative equity many homeowners have in their home values have caused the foreclosure rates to be high.The rate of home values will appear to be a cycle with its spikes and plateaus in certain markets. Both Miami and Phoenix have recently experienced price spikes. With these spikes, some homeowners will be free of their negative equity and be able to sell their homes without bringing money to the closing.According to Zillow, the June 2013 looks great for some markets. They expect a 9.9% increase in Phoenix, a 1.4% increase in Las Vegas, a 3.4% increase in San Jose, and a 1.9% increase in value for homes in San Francisco.We are optimistic. Low mortgage rates and rising rental prices will keep us moving in the right direction. Improving conditions in the job market could also boost our sales. Let’s look forward to a good final quarter of 2012 and great 2013.Now get out, live and play in the Bay!

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