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My Revised Economic Forecast For 2010

By John Mulkey

Services for Real Estate Pros with TheHousingGuru.com

March 24, 2010 02:21 PM

Last fall I wrote a POST in which I made several predictions regarding the direction of the housing market and overall economy; and now that we’re three months into the year, I’d like to offer my revised economic forecast for 2010. My post, which was quoted by both the SF Chronicle and Huffington Post, outlined several factors which, I believe, will seriously inhibit a recovery of the housing market. And, while my predictions seem to have been generally on target, in some areas they may have been a bit conservative.

After trying 4 times to upload this post to AR, I gave up. Click HERE to read the entire updated post and not be bothered by "Proxy Errors."

Re-Blog

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Pat Champion

John Roberts Realty - Eustis, FL

Call the "CHAMPION" for all your real estate needs

It will be interesting to see how the market continues after the tax credit ends. The buyers need to get out and purchase now before it is too late.

Mar 24, 2010 08:15 AM

Janice Roosevelt

Keller Williams Brandywine Valley - West Chester, PA

OICP ABR, ePRO,Ecobroker

thanks for this update John. Very informative.

Lyn Sims

Schaumburg, IL

Real Estate Broker Retired

Aren't those errors annoying lately? How can I reblog this then?

Mar 24, 2010 08:16 AM

John Mulkey

TheHousingGuru.com - Waleska, GA

Housing Guru

Pat - Buyer interest seems to be lagging even with the tax credit. Who knows what will happen when it's over.

Janice - Thanks for stopping by.

Lyn - You can re-blog and the reader will just have to click the link. Thanks.

Mar 24, 2010 08:19 AM

Maria Morton

Platinum Realty - Kansas City, MO

Kansas City Real Estate 816-560-3758

John, those Proxy Errors are becoming more than a nuisance. I hope this comment takes.

Mar 24, 2010 09:11 AM

Maria - Got the comment and share the frustration!

Mar 24, 2010 09:53 AM

Brian Madigan

RE/MAX West Realty Inc., Brokerage (Toronto) - Toronto, ON

LL.B., Broker

John,

Thanks for the "rollover" to the other website.

That post, should get someone's attention.

I'm pleased to see that you now see opportunities in the market.

Brian

Mar 24, 2010 01:18 PM

Esko Kiuru

Bethesda, MD

Looks like short sales are in vogue now, which then lowers the actual foreclosures, but the adverse effects are pretty much the same on the homeowner and property values.

Mar 24, 2010 02:15 PM

Brian - Thanks for stopping by.

Esko - We should see a huge number of short sales, but I still expect to see millions of additional foreclosures.

Mar 24, 2010 02:19 PM

Sonja Patterson

Keller Williams - BV - College Station, TX

Texas Monthly 5-Star Realtor Recipient for the Hou

One good thing that has come from the depressed economy is more frugality on the part of buyers. I am seeing more cash deals even on lower priced homes which are NOT going to be used for investment property. Here in Houston...we have gotten a little "crazy" with the size of homes being built. I remember growing up in the 70s and 80s...and a 3 or 4 bedroom home was the norm...no gameroom, no media room, sunroom, etc. :)

Mar 24, 2010 02:34 PM

Lora "Leah" Stern 914-772-4528

Coldwell Banker, 170 N Main Street, New City NY 10956 - New City, NY

Real Estate Salesperson

The tax credit was a boon to the bottom feeders and the first time homebuyers. That's sure to slow down after April 30th. Though I wish you're predictions were wrong, I don't see recovery happening anytime in 2010 either.

Sonja - I sincerely believe that consumers will give more thought to how their money is spent.

Lora - I guess we'll just have to wait a bit longer.

Mar 24, 2010 02:38 PM

Janet M. Nation

Weichert Realtors Quality Homes - Baldwin, NY

Regardless of what's going on with the economy, we gotta adjust with the flow, and ride the tide. Hang in there.

Mar 24, 2010 02:48 PM

Janet - Adjusting is key!

Mar 25, 2010 12:32 AM

Jon Budish

Resident Realty - Fort Collins, CO

John, I think you might still be a litle bit optimistic. With the uncontrolled taxing and spending in Washington, I think it will create more economic problems well beyond 2011.

Mar 25, 2010 02:42 AM

Jon - I know. I've focused on the things I can see and have ignored the potential that exists for disaster due to out of control govt. spending.

Mar 25, 2010 02:59 AM

Lenn Harley

Lenn Harley, Homefinders.com, MD & VA Homes and Real Estate - Leesburg, VA

Real Estate Broker - Virginia & Maryland

I read the revised predictions and believe that you're right on target.

Sadly, the politicians govern from the top down and don't realize that the wealth of this country comes from the bottom up, a population ignored or given short shrift in the past couple of years.

Mar 25, 2010 11:34 AM

Lenn - And it's only getting worse, not better.

Mar 25, 2010 01:54 PM

Michael J. Perry

KW Elite - Lancaster, PA

Lancaster, PA Relo Specialist

You mean no V recovery ??? I was sure that we were experiencing a miraculous jobless Recovery !

Apr 04, 2010 03:15 PM

Michael - Somehow I just don't think it's in the cards.

Apr 04, 2010 11:28 PM

My Revised Economic Forecast For 2010

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