Is the Sky Falling?? No Housing Recession Over the Horizon

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Real Estate Agent with Allison James Elite CA. BRE 01501699
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Your home is probably the biggest asset you own. This is why you should hire a professional to guide you through all your real estate transactions. My goal is to help 24 to 28 families each year either buy or sell a home. I am NOT interested in Selling 100 or 200 homes a year because I would not be able to give each family the time, attention and energy they deserve.......

No Housing Recession Over the Horizon

August 7, 2018

Media reports are increasingly focused on whether a major home sale slowdown, or maybe even a crash, is in the making, in part because many hot housing markets are seeing slackening buyer demand, and nationally 2018 is expected to end with fewer home sales than 2017. But the possibility of a crash is unlikely, says Lawrence Yun, chief economist for the National Association of REALTORS®.

 

Lawrence Yun 

In a piece he contributed to Forbes, Yun says hot markets are seeing a slowdown not because of weak buyer demand, which could be an indicator of a true slowdown, but insufficient supply. When homes come on the market, especially in areas like Seattle and Denver that have strong job growth and little unemployment, they are typically snapped up.

In other positive signs, home price growth remains strong in markets across the country—about 5 percent on a nationwide basis so far this year—and there are no signs of the credit excesses that characterized the housing crisis 10 years ago. “Lending standards today are still stringent, as evidenced by the higher-than-normal credit scores of those who are able to obtain a mortgage,” Yun says. “That is why mortgage default and foreclosure rates are at historic lows.”

In short, Yun says, today’s housing problem stems from insufficient inventory. The supply problem is driving up home prices and worsening affordability and keeping sales from matching demand. That is a serious problem and the answer is to encourage builders to increase supply, Yun says, but it is not a prelude to a crash.

Watch Yun in a video discussing a slowdown.

 

 

Sell Your Home For More and Pay Less

 

Sell For More & Pay Less #ChrisBJohnsonRealtor.

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Rainmaker
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William Feela
WHISPERING PINES REALTY - North Branch, MN
Realtor, Whispering Pines Realty 651-674-5999 No.

The only ones who are talking about a housing bubble or downturn is the ones who want to cause fear and make people make mistakes

Aug 07, 2018 06:12 PM #2
Rainmaker
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Chris B Johnson
Allison James Elite - Moorpark, CA
REALTOR®Quality Not Quantity #ChrisBJohnsonRealtor

Yes, and a stopped clock has the correct time for one minute a day, if people say win are always in a bubble, eventually, at some point in time they will be right :)

Aug 07, 2018 09:37 PM #3
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Rainmaker
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Chris B Johnson

REALTOR®Quality Not Quantity #ChrisBJohnsonRealtor
Is it Too Late to Short Sell My Home??
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