RealEstate1

Because home values are falling, many homeowners are starting to look for opportunities to remodel and expand rather than moving.  As the spring season gets started, there could be fewer people buying homes.  Spring and summer are usually the busiest months for home sales, but this season could be one of the slowest in recent times.

As homeowners stay in their homes, many are encouraged to make changes.  Everything from building up or out to simply making better use of the space they have is likely to happen.  It may be time to consider investing in home improvement stores which are sure to see an increase if the economy manages to make it through.

According to this latest article published by USA Today, 46 out of 50 states are seeing increases in foreclosure activity with 100 percent jump in foreclosure numbers in the first three months of this year.  What’s more, 90 out of the 100 largest metro areas have seen rapid increases in the number of foreclosures.

Foreclosures have lead to the problem.  The more homes sold below market value (such as bank owned foreclosures) the more home values in those areas will drop, therefore hurting all homeowners.

Will you remodel this year?  For some, moving isn’t even an option because of upside down mortgages.  What’s more, most economists and investors believe values won’t stop falling for several months.

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