Home sales across the country are increasing, causing real estate watchers to speculate that the market has hit bottom. (Flickr user el clinto (cc: by-nc-nd))
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@ Ryan Ward, I'm also the mine what price that will be for the real estate.
Greets Joe Land
Hi Jim,
You are correct in your assessment - sort of, but, that is not what we are seeing here. Those of us who watch these numbers carefully are seeing trends that indicate that we will begin seeing consistent year over year sales increases in the coming months. Among the most important reasons for this are: perceived value has returned due to lower prices, affordable loans, lower inventories (we are now at January 2007 inventory levels and continuing to fall) and the simple fact that people have been waiting on the sidelines for literally years now. At some point, lower prices will bring sales. The question has really been at what price that will be. It seems clear now that we are approaching that price. This is a good thing not just for housing, but, because the recession we are in is due in large part to the lost equity in homes.
Well...at this time of year there usually IS an uptick in housing because it *spring time* and there is *always* more activity. It seems a bit premature to suggest that the end of the "crisis" is near.
Great show! I think they made some very good points that the market is near or at the bottom and with interest rates at historic lows. Buyers should be and probably are back in the market.