Have you heard on the news lately that were supposed to be in the start of a recovery from the recession? Housing is picking up and people are starting to have confidence in our economy again? Really? Then why are existing housing values still in a decline? Some relators say it is due to the after affects of all the short sales and foreclosures that happened last year and the early part of this year. They recommend not selling if you can hold off. I wonder how long the “after affects” will last. When will consumer confidence rise again?
Some experts would say that the current decline in the housing market is no longer due to valuation problems (overinflation) but mostly due to the supply and demand methodology we all learned about in Economics 101. We simply have too many houses than the demand requires. Or too many houses than people can qualify to buy. Looks like the housing market is still in for another year of losses. The experts say somewhere in the area of 5% – 10% ouch!
I don’t know about you but it just seems to me that those “experts” keep pushing their date back. First they reported it would end in 2010, then it was 2011 and now some are saying 2014. What?! I have come to believe no one knows we just all have to wait and see.