House Buyer Network Calls a Real Estate Bust in Twelve U.S. Counties
MARIETTA, GA (September 19, 2006) — House Buyer Network is North America’s largest home selling solutions company, catering specifically to those who need to sell a home fast. The company has been providing solutions since 2002 and annually processes billions of dollars in real estate.
Today the company declared a bust in several U.S. real estate markets as real estate prices driven to unsustainable levels by years of activity by real estate speculators and increased reliance by homeowners on low down-payment, short-term ARMs have created a glut of motivated home sellers. That increase in homeowners needing to sell fast has, in turn, created great opportunity for both true real estate investors and real estate agents who specialize in quick sales.
In just the previous year, the amount of Arizona property processed by the company each month has soared by 235%, almost exclusively as a result of increases in cities in Maricopa County (243% increase). Surprise, AZ, showed the biggest increase with as many quick-sale homes in August 2006 as in all of 2005 combined. Mesa was next with a 400% increase, followed by Phoenix at 307%.
Florida has seen the second largest year-over-year increase—climbing steadily by 219% since January 2006 alone. The increase there was led by Dade County (400% increase), Lee County (338%), Palm Beach County (318%) and Hillsborough County (210%).
California saw a 196% increase in motivated sellers since August, 2006, but unlike Florida and Arizona, the bust in California has been more widespread with a full seven counties seeing motivated sellers triple or more: Alameda County (650% increase), San Joaquin County (450%), Orange County (375%), Fresno County (333%), San Bernardino County (300%), Riverside County (222%) and Los Angeles County (194%).
Emerging Bust Markets
In addition to being able to pinpoint today’s bust markets, the volume of real estate coming though the system every month also allows House Buyer Network to spot emerging bust markets six months or more in advance.
Today, the largest concentration of potential bust markets is in the Washington, D.C., area with six surrounding counties showing a significant recent surge in the number of motivated sellers: Virginia’s Fairfax County, Loudoun County and Prince William County, and Maryland’s Baltimore County, Montgomery County and Price George’s County.
Illinois and Massachusetts are also showing signs of weakness. Motivated sellers have started to climb in Cook County and Lake County in Illinois, as well as in Massachusetts’ Middlesex County and Worcester County.
Finally, individual pockets of real estate slowdown are beginning to emerge in other parts of the country as well, including Shelby County, TN; Hamilton County, OH; Bexar County, TX; and Kent County, MI.
Whether these areas emerge into a true bust market remains to be seen, but all show strong early indicators that a bust may be developing.
About House Buyer Network
House Buyer Network (housebuyernetwork.com) is North America’s largest home selling solutions company. Since 2002, the company’s nationwide network of professional home buyers has helped more than 100,000 families and individuals who needed to sell a property fast—processing more than $20 billion in property during that time.
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