Is it different here?
News on the housing front is growing cautiously optimistic. Sort of like with the economy as a whole, little hopeful signs are emerging, although no one is quite sure whether to believe what they are seeing.
But there's not just one housing market; each market is unique. (Where have we heard…
Is it different here?
News on the housing front is growing cautiously optimistic. Sort of like with the economy as a whole, little hopeful signs are emerging, although no one is quite sure whether to believe what they are seeing.
But there's not just one housing market; each market is unique. (Where have we heard that before?) And regions and segments can move differently from one another.
According to
today's WSJ (subscription required), high-end markets are beginning to decouple, and it's not for the better:
Housing is fast dividing into two markets: Sales of low- and moderately priced homes are picking up and values have stopped falling in some parts of the nation. But on the upper end, sales remain mired in a deep slump and price declines are expected to accelerate.
More than a few people did not enjoy their breakfasts after reading that front-page story. What happened to all the headlines about sub-prime loans?
One blogger recently urged people to keep real estate headlines in context:
[M]arket data is local and the information being broadcasted by the media is a national average... Smart buyers are paying less attention to the media hype...
In May, that (unnamed)
blogger – from the National Association of Realtors – was urging people to steer away from the "bleak" talk of the housing market and the economy. But you might apply the same advice to the "green shoots" talk today – depending on where you're looking.
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(Pic above is of the Spelling manor in Holmby Hills, on sale for $150m; for fun and diversion, enjoy this direct link to
Ultimate Homes magazine online, chock full of the priciest real estate in America in 2009.
Note: The publisher starts talking to you on page 1, but he'll stop if you switch pages.)
As always, please use this week's "Open Forum" thread for
news clips, off-topic questions & discussions of (virtually) any nature. And keep it clean.
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Listings presented above are supplied via the MLS and are brokered by a variety of agents and firms, not Dave Fratello or Edge Real Estate Agency, unless so stated with the listing. Images and links to properties above lead to a full MLS display of information, including home details, lot size, all photos, and listing broker and agent information and contact information.
Based on information from California Regional Multiple Listing Service, Inc. as of March 18th, 2024 at 8:10pm PDT. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is usually deemed reliable but is NOT guaranteed accurate by the MLS. Buyers are responsible for verifying the accuracy of all information and should investigate the data themselves or retain appropriate professionals. Information from sources other than the Listing Agent may have been included in the MLS data. Unless otherwise specified in writing, Broker/Agent has not and will not verify any information obtained from other sources. The Broker/Agent providing the information contained herein may or may not have been the Listing and/or Selling Agent.