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yes it's local..And at the same time it's regional. There are couple of factors like unemployment, interest rate, migration of people from one region to another that are common.
I am not an economist or an analyst, but I took the reduction in consumer debt as a positive, while she looked at it the other way. My view was that it is good consumers are reducing debt to get their financial houses in order and when they are, spending picks up again. Maybe I viewed the reduction in consumer debt as a few month thing, but i suppose if it goes on and on that would kill a number of businesses. i guess the question is, how long and by how much do consumers reduce debt?
Either way, there are certain places in the country I would expect price drops in the future...
I dont know about in anybody elses area but in the Philadelphia area prices are pretty stable and the activity is picking up. I do not see prices dropping another 25% here I actually see a slight rise.
I think "Could" is the key word in this article. In my area (northern suburbs of MSP/St. Paul) inventory is way down and the prices seem to be rising- a basic supply and demand concept.
One person's opinion in that piece. And the key word is "could".
In some markets that "might" happen. But definitely not in all.
That one person is a very respected Wall St analyst. who has a tremendous track record.
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