October 29th, 2010 10:47 PM by Wendy Thomas
What a fabulous view of our economic situation on Allen Tate's blog! Are we at the bottom of this "economic cycle", which includes the worst real estate market we've ever seen? In the author's opinion, we are in "new territory today, and we are writing history." No one knows if this is the bottom. But to the author, and to me as well, it feels like we've passed the worst part, and we're very very slowly heading back up again. The trick this time is for property values to increase on a smart level, and for buyers and sellers to make intelligent, educated decisions. Please read the blog at http://athome.allentate.com/2010/10/uncertainty-vs-swagger/
The Chief Economist of the National Association of Realtors, Lawrence Yun, states that the housing market is in the early stages of recovery: “A housing recovery is taking place but will be choppy at times depending on the duration and impact of a foreclosure moratorium. But the overall direction should be a gradual rising trend in home sales with buyers responding to historically low mortgage interest rates and very favorable affordability conditions.” You can read the article at http://www.realtor.org/press_room/news_releases/2010/10/sept_strong
The article goes on to say that real estate opportunities are abundant right now, and that housing affordability is better than it has been in many years! September was a very slow month, with 14.9 percent lower sales numbers than September of 2009. But October, while final numbers are obviously not out yet, showed a reasonable increase, compared to September.
Read through the facts, the numbers, and the opinions... The truth is, only time will tell. But my opinion is that we are beginning to see the light at the end of the tunnel.