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The WSJ tends to not be overly dramatic in its news reporting and that piece fits.
There are VAST differences in the demand based on dozens of factors -- in Las Vegas the "bottom" of the market sounds incredibly hot. I suspect this is because the low wage jobs that predominate out there priced many out of home ownership. Wages have not risen, but the SUPPLY of houses has and that means that when well priced houses in acceptable conditions are available they can get snapped up readily.
Meanwhile area that have a bad mix of overpriced homes and no jobs to support to them are still seeing massive declines. FL pops to the top of that ugly list and AZ is not far behind.
In other areas, notably Boston, there is an entirely different story. Only 7% of the homes are from foreclosure sales. One has to wonder if that is due to the strong reductional employment base, the fairly large mutual fund industry, the presence of certainly lordly member of Congress or all that and more...
When there is UNCERTAINITY prices are likely to fluctuate far more than normal. Sadly the current administration has been completely INDECISIVE as to the short term direction it should advocate for MANY important rules.
Will the first time buyer credits be extended? Expanded? What is the cost? How expensive will all the fancy new medical benefits be? How high will taxes be? How tight a rein will they have on lenders? Will the devaluation of the our whole economy be the 'secret strategy' that they pursue to deal with crushing debt they have signed us for?
Location: Mokelumne Hill, CA & El Pescadero, BCS MX.
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Just to reinforce the point that real estate markets are local, my county is in the white zone while the next counties to the west are in the red zones
Just to reinforce the point that real estate markets are local, my county is in the white zone while the next counties to the west are in the red zones
And even in the red zones, there are markets within markets.
As a side note, I emailed the WSJ author with a question. In 20 minutes, he answered back. Pretty cool...
From what I have heard in Vegas an additional factor is a slow down in the tip business. Most wages in these industries are no where near the tips - loss in tips can mean you lose your house even if you do still have a job.
Lot's of interesting articles. "LPS" stands for Lender's Processing Services. These guys stare at real data; it's an opinion with facts to back them up.
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An excellent accurate piece, fully reflecting the UNCERTAINITY!!!
Pretty cool...
