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We heard this on one of the news channels. Sorry, don't remember which one. It was about 1 month ago. Also, MSN.com had a story with a similar track about a week ago, but I can't find it. Don't remember the author. Not much help...
The economist giving the info on the TV show said that the uptick in housing prices would be due to so few new homes are being built right now that there will actually be a housing shortage by that time.
Here in my area of ATL there are only a couple of subdivisions being built. One of these is Ashton Homes--a national builder. Most of the "stick" builders are either out of business or just not building at this time, even the well respected ones.
Of course, as one poster above said, there could be an influx of homes on the market, due to backlog or boomers downsizing.
Now that the Fed is back pumping the market it should be obvious that things are getting worse. When taxes go up on the first of next year expect more troubles. The housing market can't thrive in this environment.
The economist giving the info on the TV show said that the uptick in housing prices would be due to so few new homes are being built right now that there will actually be a housing shortage by that time.
Here in my area of ATL there are only a couple of subdivisions being built. One of these is Ashton Homes--a national builder. Most of the "stick" builders are either out of business or just not building at this time, even the well respected ones.
Of course, as one poster above said, there could be an influx of homes on the market, due to backlog or boomers downsizing.
Not sure what inventory looks like in Atlanta, but up here north of Chicago, I'm beginning to wonder when people will realize that in this market, EVERY NEW HOUSE THAT GETS BUILT LOWERS THE VALUE OF THE ONES THAT ALREADY EXIST.
We've got a glut. Yet, builders keep tearing down. Owners keep building "additions" that triple the size of the original house.
If the city would promote a policy that the existing inventory should be sold before new, similar inventory is built, we'd find our way out of this a lot sooner. But no. They short sightedly see only the revenue they get from issuing permits. They don't realize that the more 3500+ sq ft homes that get built, the more the existing ones are cheapened. Literally.
You know the expression "a dime a dozen"? When you have a dozen, they cost a dime. When you have only two, they're worth a bit more.
The economist giving the info on the TV show said that the uptick in housing prices would be due to so few new homes are being built right now that there will actually be a housing shortage by that time.
I remember hearing that on a news show, but it will be a long time before we have a housing shortage. While in my area home prices will probably stop declining soon, they aren't going up quickly any time soon. I wouldn't be surprised if we have a decade of price plateau. To me recovery means we aren't declining anymore.
Recovery means jobs are once again available. Everything depends upon the buying public having jobs. Nothing recovers without them. Everyone has an opinion and even I don't listen NAR ....the stock market rises with even the slightest uptick in employment.
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