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Bob Shiller is on a roll. He predicted the bursting of the dot.com bubble and in 2003, long before it was common knowledge, warned of the impending housing collapse. Katie Benner of Fortune Magazine recently wrote about Professor Shiller, reminding readers that Bob Shiller “didn’t kill the housing market, he just predicted its demise.”
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A few weeks ago, I wrote in this space about the coupling of increasing sales activities with declining prices in California and possibly elsewhere. Using some updated and just-released PAR data, I did some calculations to see how Pennsylvania compares.
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The Centre County Association of REALTORS® is opening doors in Centre County!
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We all know about the “boom and bust” experiences in California, Florida, Nevada and Arizona, however, a new group of states is emerging with double-digit declines. In the past year these have included Washington, Illinois, Maryland, Oregon, Massachusetts and Virginia.
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In Pennsylvania, we have had significantly less volatility in our housing markets so we should expect to see a smaller “boom and bust” cycle. This translates into lower sales activity declines, less price depreciation, fewer foreclosures and fewer empty houses adding to the inventory of homes on the market.
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Despite the housing bubble which has driven down price appreciation in many markets across the country, there’s good news to report for some Pennsylvania homeowners: A recent study suggests that in most of the large metropolitan areas in Pennsylvania where there were no bubbles, homes will develop positive equity accumulations by 2012.
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Recent arrests in Philadelphia broke up an alleged scam where "sellers" were selling homes they didn't actually own. Read how the recently approved PAR Multicultural Strategic Plan might help change that in the future.
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A billion dollars here, a billion there…pretty soon you’re talking about real money.– attributed to U.S. Sen. Everett Dirksen When the federal Hope for Homeowners program was signed into law last July, Americans were told that as many as 400,000 distressed homeowners would be helped by stemming the tide of foreclosures throughout the country....
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Thursday, May. 17, 2012
