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At the recent PAR Business Meetings, I was honored to be invited to make a presentation. I offered several observations for the changed real estate market.These rules are really judgments or conclusions about the altered housing market environment.
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The housing market is showing signs of recovery but Pennsylvanians may not find homes appreciating as they had been during the boon of the real estate industry.
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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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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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It may be a down market but it doesn’t have to get the best of you.
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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
