At about 1:00 PM I read the lastest economic report filed on MSNBC.com with quotes from economists, Realtors (probably NAR but they just said Realtor) and even a mention of the Federal Reserve all pointing fingers at the possibility that we are either heading for a soft landing in the housing market or a recession...sounds great doesn't it?
Within the hour I received the lastest report:
http://www.boston.com/business/ticker/2007/07/boston_condo_sa.html
which reveals the uncertainty in the market. MSNBC reported that the sales in the Northeast were dropping as well as the prices. Now this article claims a "surge" in condo prices in Boston with a 25% drop in available inventory.
So what does this all mean? Interest rates have risen and will probably rise some more. Housing will be shakey except for pockets of unexplained growth such as the Boston condo market. The press will report on the housing market as though ANY metric representation they can seize can actually predict the current and future health of the entire industry. These numbers change daily and sometimes even hourly so that the real estate buying public can be as confused as possible.
I predict that we will have an unusual occurence in the market for the first time in history. A "Normal Market". When has that ever happened? Probably never did...and I am sorry...my last prediction has changed after less than a minute...ths will be a "Market"...sometimes buyer's...sometimes seller's market...it all depends on the price of the property and the willingness of the buyer to either meet the price...or the willingness of the seller to acept the offer...sooooooo what else is new today? I wish to let the press know this: "Nothing".
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