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Have any posters here actually witnessed a housing recovery??
So far we have posters from Chicago and Orlando saying no recovery as of yet.
I don't know about a REAL recovery.......me thinks it has more to do with all of the cheapo money floating around.
I have been watching housing prices in Washington State and Southern California.........definitely going up quickly in both areas. I would say that in some of the areas I am watching (North San Diego County), prices may be jumping even faster than they did during the last housing bubble.
You r article from 2009 did not say we had found the bottom, it speculated that we might be near the bottom. It admitted there was still trouble in the market, but today the numbers are good. In S.Florida it is getting hard to find deals anymore, and when you spot one, it is gone in a day to an all-cash buyer. The game is back on. The value of my own house is up over $50K
Okay.
You are in S Florida. Thats good.
If you are trying to sell a house in rural areas or middle america right now, the market is bad. It is subjective, so obviously doesnt pay to argue.
Why is Bernanke qualified to opine on real estate? Thats like a family doctor trying to do microsurgery, the two areas are vastly different.
The Dow isnt reflecting that niche, is all Im saying.
Plus asking a realtor for economic advice is like talking to a used car salesman, lol.
A few years ago I asked a realtor if she thought the market would improve, and she said it would 'get better when people got their tax checks back in April' .
You are in S Florida. Thats good. If you are trying to sell a house in rural areas or middle america right now, the market is bad. It is subjective, so obviously doesnt pay to argue.
Why is Bernanke qualified to opine on real estate? Thats like a family doctor trying to do microsurgery, the two areas are vastly different.
He reported the housing statistics, he didn't create them. Yes, it can be tough to sell houses in many areas, but the point is that the situation is getting better. Some areas will get better before others, and that is to be expected.
Quote:
The Dow isnt reflecting that niche, is all Im saying.
Like I mentioned a couple of times already, the stock market reacts to the news of the day, and the day the housing stats came out, it surged 200 points. The next day it will react to something else. if there is nothing to report people will focus on the overall trends in the economy and on the speculative minds of the investors. I guess the speculative minds of the investors is always the driving force, and that is swayed by the news being reported, good or bad.
In Miami, the dirty money capitol of Florida the real estate market has been bubbling up since 2010. Now I see shopping centers being built, remodeled and reorganized while many stores sit empty. I see new developments abandoned in 2008 back in the building phase. many idiotic investors have been buying properties to try and cash in on an overinflated rental market. What these fools forget is that it all is supported by Federal reserve QE money creation to the tune of 85 billion a month. The problem is that when gas prices top 2008 highs the whole house of cards gets destabilized. Inflation kills economic activity, investors panic and interest rates go up. Wages remain flat or fall. The result is a complete failure of the rental market and wipeout for the investors. I keep saying that any real estate appreciation with flat wages is a bubble. The only way we can save our economy is for real estate prices to fall as hard and fast as possible without Fed interference. That would kill debt and give responsible people a chance.
He said that house prices had crept up over the last year, and that there had been significant improvement in new housing construction.
Mr. Bernanke said the numbers of foreclosures, while still too high, are declining as were the number of homeowners who are underwater, a term meaning they owe more on their mortgages than their homes are now worth.
He said the continuing improvement in the housing market would have a positive impact on the employment picture, both by directly creating more jobs in home construction and factories that make home goods, and also indirectly by improving peoples' sense of wealth
Anyone with an interest in what is going on in real estate markets would be advised to watch the following interview with Fabian Calvo:
Wall Street lifted by Italy, housing data - Apr. 29, 2013
better-than-expected report on pending home sales also fueled U.S. stocks. Sales jumped 1.5% in March, according to the National Association of Realtors, stronger than the 0.1% rise economists were expecting
The pace of home prices increases continued to accelerate in February, according to a measure released Tuesday that showed the biggest gain since near the height of the housing bubble.
The S&P Case-Shiller index of home prices in 20 major markets posted a 9.3% rise over the last 12 months. That's up from the 8.1% rise in January. It's the biggest 12-month gain in the index since May 2006, which was just one month after the index showed record-high home prices.
The pace of home prices increases continued to accelerate in February, according to a measure released Tuesday that showed the biggest gain since near the height of the housing bubble.
The S&P Case-Shiller index of home prices in 20 major markets posted a 9.3% rise over the last 12 months. That's up from the 8.1% rise in January. It's the biggest 12-month gain in the index since May 2006, which was just one month after the index showed record-high home prices.
So, you're saying it's a good thing that lower-middle income people are even further priced out of their dream home? Why is it a good thing that housing become more expensive for those who aren't fortunate enough to own a home yet? Aren't neo-proggies all about fairness and equality among everyone?
Doesn't really sound like Americans are fooled anymore.
I'm sure Joe Biden will tell us we will have another "Recovery summer" again too.
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