An interesting assessment of the market from the WSJ a few weeks ago (link below) - one that unlike the press at large is not quite as gloom and doom. Candidly, I think some in the media have realized that the average consumer is tired of the negative press around housing and in many cases they've tuned it out. A well thought out argument for why we could be at the bottom is at the very least, a good read.
Affordability is a key element to stabilizing the current environment and restoring confidence. Consumers must feel that they are getting a good deal - and a deal that they can afford if the recession continues. The challenge is affordability relative to access to credit since mortgages are almost always required to complete a purchase.
I think the author is correct that the bottom is not necessarily followed by a swift return to the "go go" days - particularly with respect to pricing. However, seeing prices stabilize in most markets, along with a little loosening in the credit markets will be a catalyst to many who have been waiting in the wings.
From the number of inquiries we receive on custom home projects in the Atlanta area, we certainly see there is a large contingent of buyers waiting for some good news to give them confidence to move forward with their home building plans.
http://online.wsj.com/article/SB121003604494869449.html
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