Really? Believe it or not, I read that statement in a real estate periodical the other day.
I present some facts and I will let the reader decide.
23% of people with mortgages owe more than their home is worth.
About 10.7 million US Mortgages are "underwater" and the top five States are:
When accumulated debt reaches a certain point (usually 10% to 25% more than the original principal), the Option ARM Loans are recast into fixed rate mortgages. Many borrowers cannot afford the new payments.
What percentage of your area listings are REO or "short" sales?
Are your area new building/home starts higher or lower than the last couple of years?
And I pay yearly dues, a profession requirement, to obtain this magazine!
Having said all the above I leave you with this thought, "All markets are local". Happy Holidays!