Posted by: phillipsre | November 5, 2012

Hurricane Sandy Hits the Housing Market

    Hurricane Sandy hit the Northeastern Coast hard, as many have seen in the news there is a lot of recovery and clean up that needs to be done. Our thoughts are with those that have been affected. And although the storm hit the hardest in New York and New Jersey, it may still have an affect on other areas in the country when it comes to the real estate market. The housing market – sales, pending sales, etc will now be put on hold. This storm will also slow down the foreclosure cycles and the other sales cycle, which in turn affects all housing recovery. With any luck, as folks get their insurance settlements figured out and start rebuilding, there should be a boost in the next 4-6 months, but until then we will wait and understand that things will need to take some time. Read more about the affects, from this article in Forbes.com.

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