National Housing Economy Not Looking Good
The latest housing numbers don’t look good. It looks like as a whole, the housing market is seeing the dreaded “double dip”. The housing stimulus propped the market up temporarily, but it was just a ban-daid. Until the economy is really fixed the housing market won’t truly recover. Here’s the latest from the experts at Inman News:
“Our forecast is for economic conditions to continue to improve, which should lower delinquency rates further over the coming year and relieve some of the downward pressure on home prices,” Cutts said, in a statement.Of the nine U.S. Census divisions, the only one to see even a slight year-over-year price gain was the West South Central Division Arkansas, Louisiana, Oklahoma and Texas, up 0.2 percent.
Every other division saw prices fall year-over-year with the Mountain Division Arizona Homes for Sale, Colorado Homes for Sale, Idaho Homes, Montana Real Estate for Sale, New Mexico, Real Estate in Nevada, Real Estate in Utah and Wyoming seeing the biggest drop: -8.3 percent, followed by the South Atlantic Division Delaware Homes , Florida Homes , Homes for Sale in Georgia, Maryland Homes, North Carolina Homes, South Carolina, Virginia Homes, West Virginia, and Homes for Sale in Washington, D.C. at -6.3 percent; the East North Central Division Illinois, Indiana, Michigan, Ohio and Wisconsin Real Estate at -3.6 percent; and the Pacific Division Alaska, California homes, Hawaii, Oregon and Washington at -2.6 percent.
The further we get into the “recovery” the more we realize just how much of a mess it was, and how unbelievable it was that things ever got that out of control. The signs of a housing bubble were so real, yet so overlooked by banks and regulators. Lets hope we can learn from this experience, and hope that it never happens again.
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