Cooking the books with the Fed's?
I wish it were a search for the next top chef on HGTV, but this is much more than than that, and it's real life. I had two separate updates in my email box today on the same subject. The May housing report for new home sales was widely reported as about 300,000 (which was already bad news) then quietly downgraded to 267,000. The June reports are out now and there is widespread claim of a 24% increase! However this increase only recovers about 50% of the loss from the month before!
I haven't heard or read it anywhere but I think it will be likely there will be a later revision of those June numbers as well. In the mean time the suits on Wall Street hear "good news" to prop up the markets. The people hear housing is up and think "Wow, I'm glad that recovery is finally kicking in". The reality is that in most markets sales and prices are down, foreclosures are on the rise, inventories are increasing, and inspite of record low prices and interest rate the buyers are staying on the sidelines.
It can still be a reasonably good time to buy or sell if you are open minded and realistic.
For buyers in Cobb County, Marietta, Kennesaw, Acworth, Powder Springs, Smyrna and surrounding areas - remember that a home is a long term investment. Plan on 7-10 years at least to see a realistic profit. Maybe even longer. but prepared for the long haul then pleasantly surprised if it works out better in the short term.
For sellers in Cobb County, Marietta, Kennesaw, Acworth, Powder Springs, Smyrna and surrounding areas - your home is less worth than it was a few years ago. That does not mean you should not sell. Just be realistic about what your home will sell for. The replacement home that you buy will also be at a lower price and may be a great bargain for you.
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