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Is It Over ???

Newsweek magazine says it is. Leading economists say it is. The media says it might be. So the big questions continues to be, is the recession over? With corporate earnings up and resale housing numbers improving it would appear that the economy may be turning the corner. There is a long road ahead and unemployment is still a huge concern but some of the reports and numbers are very encouraging.

How Does This Affect Us As Realtors?

A possibly recovering housing market brings both good news and bad. The good news is sales activity is up considerably and inventory is down. The real bad news is that appraisal values tend to lag behind improving home prices and sellers tend to hold out for higher prices as they feel the housing market begin to stabilize. Just another issue to deal with. Make sure to communicate with your clients and know what is going on in your area. If you have questions about values call a appraiser to give you additional information to help make intelligent decisions with your clients

Posted by Joseph & Cheryl Melendez on 07/28/2009 12:36 PM

Comments (7)

real estate, real estate market, realtors, seller, sellers, banks, buyer, buyers, mortgage, lenders, loans, agents

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7 Comments on Is It Over ???

JUL

The added regulations in the mortgage industry will delay closings as well! Stay informed!

Hey, all you have to do is look at GOOGLE to see that the recession is over *snicker*.

But seriously, what I want to know, is if the recession is over, if we really pulled the nose of that plane up before hitting the ground and got back up in the air...do we really have to spend the other 90% of that incredibly wastefull stimulus package?

Click HERE for a story about the big jump in home sales in June. My fear is another wave of foreclosures as more loans reset next year. We may see a double-dip recession.

The recovery will be uneven and occur more rapidly in some areas than others. Good point about the lag time for appraisals.

Anyone who thinks it's over hasn't thought about the millions of home owners with negative equity who would like to sell and move up.

There is little to no move up market.

I think that it depends on your local market. In some parts of the country it is, and in other parts it is not. It is definitely a good time to buy no matter where you are.

The media is very powerful. I am quite shocked that such a positive statement was thrown on a front cover. That is the point of front cover lines to shock, but typically it is negative statements that gain the most attention. All the power to them for the move. Optimism is contagious....especially if thrown down your throat. Whether they are right or wrong is meaningless. It is a positive statement that millions upon millions will see and discuss and argue.

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What does the graphic say?