If You Think the Housing Market is Improving, You’re Dead Wrong
Here are the reasons lots of people think the housing market is improving, but it’s just an illusion:
(1) $8,000 tax credit
(2) Federal Reserve pushing mortgage rates to historical lows
(3) A huge ’shadow inventory’ of houses held by banks, temporarily giving the illusion of a lower supply of housing
(4) Cheerleading from the real estate industry again
(5) Pent-up demand for people just itching to buy (big jump with first-time buyers)
(6) Seasonal boost (spring and summer always help housing)
October 5th, 2009 at 12:16 pm
nada in Fla either. Lots of bargains lots
October 5th, 2009 at 1:47 pm
I agree it is an illusion. Here is what is occurring in my little corner of the world:
-Four homes in my neighborhood which is located in Waukesha County, Wisconsin went up for sale in April of this year. It is now October and not one of them has received an offer.
-My neighbor, a real estate agent, says sales for her completely dried up after July 15th and she doesn’t foresee business picking up again until next April.
I asked about the 1st time home buyer’s $8,000 credit?
It’s over. Everyone that wanted to buy and qualified has already purchased.