Lisa Simpson
Jul 14,2010
In: Foreclosures

Real Estate Markets Showing Signs of Hope

Real estate markets is getting better.

The health of Santa Fe’s real estate market continues to be elusive as people have become jobless, builders have downed shutters and owners are facing foreclosure. But here and there news is trickling in that the city is once more starting to stand up.

The mood in Tomasita’s Restaurant can be taken as an example. It is not easy to get a seat. Many eateries are down in the dumps but Taomsita has got over that. One gets a feeling sitting here that confidence is coming back again. The same mood has caught up the housing sector.

The whole problem centres round banks and investors loosening their purse strings and advancing house loans. The climate made them freeze. But since the last few months there is a mood of thawing.

Each month the number of houses being sold is showing improvement. It is getting better. A glance at the parking lot will show that many of the license plates are from outside states. These people have come to shop in the real estate market and work out deals with brokers.

Santa Fe has got much national recognition and is included in the Dozen Distinctive Destination list of National Trust for Historic Preservation. There are many reasons for people to be attracted to the place. Those who have had to go away are coming back and others are trying to set up a second home here. People want to retire here. So buyers are flocking from all over the country.

Markets in California, Illinois and Florida have taken a worse battering than Santa Fe. There are signs that there will not be further fall in the real estate market except in places like Las Vegas and Phoenix. The latest American Eagle link to Dallas and Los Angeles will help to further improve the situation.

More and more restrictions are being placed on lending. This is causing damage to strong borrowers who are being unduly punished for no fault of theirs. It stands to logic that the Federal Government cannot continue indefinitely pampering the first time buyers because it will lead to inflation.

There is a difference of opinion – some say that the bottom has been reached while others do not agree. Actually it is not the same everywhere. Real estate is a much localized issue. The various government programmes are only helping a miniscule of the borrowers.

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