We are entering a period of normal market conditions. Despite the hype about a falling market, the truth is that the market for the last couple of years has been crazy. People will always need a place to live. As a result they will always buy and sell homes. Unfortunately because of the past spiral of ever increasing home prices, many have not been able to purchase. Others have purchased way above their means because of the availability of interest only mortgages and unrealistic lending practices. Many of these people will be facing foreclosure because they will not be able to refinance--if they were making interest only payments they may actually experience negative amortization in some areas--they will owe more than the current market value of the home.
Since many of these homes are newer they may need little or nothing in the way of retrofitting or remodeling to meet EnergyStar or better standards. Thermal windows, good weatherization and correctly sized HVAC systems are much more likely to be in place. A significant amount of outgassing will already have occurred. These will be great homes to recycle because they may be in foreclosure for financial reasons but are likely to be in good condition.
Wednesday, December 13, 2006
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