It’s not a Letterman Top 10 list, but could I get a drumroll please?

Thank you.

From FrontDoor.com comes their “Top 10 Things To Expect in the Housing Market in 2009” list.  #5 might be the
most important, in my opinion.

1. Continued market adjustments – With home prices in some markets having reached astronomical levels, it
   was inevitable a reset button be pushed. Sellers will continue to be
   challenged in 2009 as the inflated pricing of years past adjusts to
   normal levels. With banks and builders willing to slash prices to sell
   a backlog of foreclosures and new homes, individual sellers will have
   to price their homes competitively.
2. Action from the Obama administration – President-elect Barack Obama’s plan to help the housing sector includes
   a 10 percent mortgage tax credit for homeowners who don’t itemize their
   taxes and a crackdown on abusive lending practices.
3. More assistance programs for homeowners in danger of foreclosure – While the federal government is attempting to reduce foreclosures, a
   report released by the Joint Economic Committee predicts 2 million
   foreclosures in 2009. Homeowners who are at risk should take steps to
   avoid foreclosure.
4. Some calm to the chaos of the banks’ restructuring – This should cause loan modifications and short sales to get easier, and
   it will also (eventually) decrease the number of bank-owned properties
   on the market.
5. Thorough reviews of mortgage applications – Before the subprime mortgage debacle, you didn’t have to prove you
   could afford to borrow $200,000 for a home and you didn’t need a down
   payment. Those days of sketchy lending practices are gone. Lenders now
   require potential borrowers to provide extensive income and expense
   documentation. Homebuyers with the best credit will get the lowest
   interest rates. Take steps now to get your finances in order and boost
   your credit score.
6. Low prices and low interest rates – 2009 could be the time for reluctant homebuyers to act, as this is
   perhaps the last year of the best buying opportunity in recorded
   economic history.
7. Cool tech tricks and tools for the real estate obsessed – As homebuyers turn to the Web more and more for their real estate
   needs, video, webcasts and mobile search tools are becoming more
   prevalent. Sellers should consider using these cutting-edge tools to
   make their homes stand out.
8. Wiser consumers – After facing this foreclosure crisis, buyers, sellers, real estate
   agents and even tenants will have a deeper understanding of real
   estate, mortgage and credit, which they can use to make better
   decisions and be more self-protective in the future.
9. Leaner, greener homebuying – Across the board, homebuying is becoming more eco-friendly, from
   transactions being conducted digitally to buyers opting for smaller
   homes within walking distance of school and work.
10. An increase in consumer confidence – As the year goes on and we near the projected end of the recession,
    sellers can breathe a sigh of relief as buyers regain confidence in the
    market.

Well … we’ve got a year to see what comes true.