An article in today's Inman news brings to light what I have been seeing for a while. The real estate market got a slight bounce from the homebuyer tax credit but now that the prop of the credit is gone, prices are again weakening.
Rebuilding the housing market does not depend on federal housing policies. It is all about JOBS and the overall confidence in the entire economy. People who have, and earn, more money give jobs to people who make less. Under current policies there is no incentive, and sometimes penalties, for growing your business and making more money. People who do that are demonized and yet they are the ones that hold the key to new private sector jobs.
Inventory climbing, prices hit peak in July, says Altos Research. Real estate professionals are contending with a bearish housing market following the expiration of the federal homebuyer tax credits, according to a webcast by real estate data company Altos Research. In a previous webcast at the end of the first quarter, the company pointed out that the market wasn't seeing the usual springtime bounce in home prices in March compared to last year and inventory was rising at a worrying pace -- signaling that the beginning of 2011 could look a lot like 2009. After the second quarter and into the third, the company said the housing market is worse than most real estate professionals might think.
Read the entire article here: Real estate market: Worse than expected? | Inman News
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