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I will believe a recovery when the number of unemployed goes down significantly. And just because unemployment claims go down means nothing except that it was less worse than the month before but still pretty bad. Not to mention unemployment indicators cannot tell how many people have given up looking for a job and/or have taken part time/odd jobs that are not full time.
Affordability is driving sales offsetting weak labor market conditions. The housing market can easily recover in the face of a difficult job market. Easily. It might not be a gangbusters recovery but it's recovery nonetheless.
The numbers are moving up, not down, as are prices. I can say around me the market bottomed a long time ago and we have been stable for quite some time. Nationally the market appears to have bottomed in early Spring and a slow recovery is clearly evident.
Yup I told you so. Just curious how are year over year numbers looking? Not that they matter.
Affordability is driving sales offsetting weak labor market conditions. The housing market can easily recover in the face of a difficult job market. Easily. It might not be a gangbusters recovery but it's recovery nonetheless.
Yup I agree. What is wrong with all these doom and gloomers. Unemployment are near record for a year, Dow down 5k from its high. Record Deficit!! Who cares everything is perfect!!
The numbers are moving up, not down, as are prices. I can say around me the market bottomed a long time ago and we have been stable for quite some time. Nationally the market appears to have bottomed in early Spring and a slow recovery is clearly evident.
What happened to "all real estate is local" ? In NY metro, prices are still going steadily downward, at a time when one would expect a seasonal uptick.
Whatever recovery takes place will be tempered both by removing interventions that were designed to inflate prices, like the tax credit which essentially facilitated zero-down purchases and the abnormally low rates.
I know of a property that came on the market Last Thursday and was sold in a bidding war Wednesday. $400K property in JC Heights. Seems like good properties are attracting buyers. FWIW, unit sold for more than listing price.
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