Where's the Glut?
June 2, 2011
In at least one of the many articles that were published yesterday and today in the LA Times and the Wall Street Journal, the writer suggested that the housing market would not improve until the "glut" of houses on the market was reduced.
Please check the numbers for the fourteen communities in the Inland Empire that I track. Where's the "glut"? The number of active listings has remained low. One of the most common complaints of current real estate agents is that there are so few houses available to show prospective purchasers.
Added to the low numbers for real sale properties currently on the market is the almost complete lack of new construction of single family residential homes.
I feel certain that the writers who refer to the "glut" of homes must be looking at data from other regions. The numbers that I tract seem to indicate that "glut" is not our problem.
Fear and desire have historically been the emotional drivers for the real estate market. Fear among potential home buyers is continuously being fed by the negative headlines about double dip recessions, large unemployment numbers and shadow inventory which banks will release and "glut" the market.
It may take some amount of courage to buy a home today. However, the courageous may have the last laugh at those who are waiting for the "bottom".
In at least one of the many articles that were published yesterday and today in the LA Times and the Wall Street Journal, the writer suggested that the housing market would not improve until the "glut" of houses on the market was reduced.
Please check the numbers for the fourteen communities in the Inland Empire that I track. Where's the "glut"? The number of active listings has remained low. One of the most common complaints of current real estate agents is that there are so few houses available to show prospective purchasers.
Added to the low numbers for real sale properties currently on the market is the almost complete lack of new construction of single family residential homes.
I feel certain that the writers who refer to the "glut" of homes must be looking at data from other regions. The numbers that I tract seem to indicate that "glut" is not our problem.
Fear and desire have historically been the emotional drivers for the real estate market. Fear among potential home buyers is continuously being fed by the negative headlines about double dip recessions, large unemployment numbers and shadow inventory which banks will release and "glut" the market.
It may take some amount of courage to buy a home today. However, the courageous may have the last laugh at those who are waiting for the "bottom".
posted by shirley harry at 8:04 AM
0 Comments:
Post a Comment
<< Home