Signs of recovery? Hard to tell.
The New York Times took the pulse of a number of real estate markets across the country, and chose to headline their story “In Housing, the Strong Turn Weak“.
While Wall Street is growing hopeful that the economy may dodge a recession, many economists warn that the pain in the housing market may last for several years.
Even markets that once seemed immune to the slump, like Seattle, are weakening. Prices nationwide might fall as much as 10 percent more before a recovery takes hold, economists said.
While there are a number of somewhat positive signs, there are an equal number of negative signs in the various markets. Some of the areas that have held up well have just recently seen declines in sales, while some of the hard hit areas are now seeing improved sales.
It appears that once prices approach a certain level in an area, the buyers return. And we are fortunate that here in Palm Beach County, sales have been picking up. Hopefully that is a sign of a turnaround in our local market.
Tags: New York Times, news, recovery