It seems that NAR is predicting a slightly rosy picture for next year. Please read the article and let me know what you think and what your predictions are for your particular area.
Here is the story I am referring to: http://www.housingwire.com/2011/11/11/housing-to-gradually-improve-in-2012-nar-economist-says?utm_source=twitterfeed&utm_medium=twitter&utm_campaign=Feed%3A+housingwire%2FuOVI+%28HousingWire%29
I am in Covina, CA. I think our area will continue to be flat and that we will likely hit a third low in home prices int he area. Things are good and this will be my personal best year in real estate so i am not a pessimist but look at all the indicators and make my own predictions.
1. unemployment is HIGH
2. government debt is a HUGE issue
3. state debt is a HUGE issue
4. loans are HARD to get
5. people are WORRIED
6. home prices are low and interest is low and yet inventory is still only moving SLOWLY
7. banks are predicting this mess to last at least another 3 to 5 years
I would love for things to change but I think NAR is wrong and we are still in for a lot of trouble and will nto see much improvement for at least a few years.
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