Interesting reading from CNN this morning that indicates that the housing market might be steadying:
Existing home sales rebound in August – Sep. 23, 2010.
This is clearly impossible. I mean, I’ve been reading propaganda from the National Association of Realtors articles for months now that absolutely, positively indicated that without additional housing tax credits as in the last few years, the market would never, ever recover. It’s a miracle!
(See? Wasn’t that much nicer than a simple “I told you so”?)
July was really bad, August wasn’t much better. As a Realtor though I have to disagree with our association. The NAR is in the business or attracting more Realtors. The tax credit didn’t help, it artificially raised prices and sucked all of the buyers out of May, June, and July. It is time for the housing market to correct itself! I would be happier to see our ranks shrink as they were artificially inflated by a market that wasn’t real.
I suspect part of the problem the Realtor’s are feeling is due to the increased scrutiny by banks when it comes to lending money. You have to be near perfect to get a mortgage these days (not that I think they should go back to the lending practices we were seeing before mind you!).
This was a much better way of saying I told you so. But I wonder what’s really influencing the numbers? Is if that people are actually getting more confident in the economy and they’re simply spending again, or is it just the natural aspect of what goes down eventually must come up?