I found this fascinating quote today in a blog published by ELYAC Realty Los Angeles Real Estate Agent, Home Loans, Mortgage Brokers:
Here’s a surefire way to start an argument: Suggest that the housing market has reached bottom. To be sure, the near-term outlook is still grim, and nobody is forecasting a rapid nationwide rebound. But there are signs that the overbuilding and speculative pricing that inflated the bubble are working their way through the system. In October 2005, near the peak of the boom, the median sales price for a U.S. home reached 7.3 times per capita income; by this May it had fallen to 5.7, in line with historical norms. Nationally, the rate of decline in sales is slowing, and in some regions sales numbers have actually perked up. “The indicators are starting to look better,” says Adam York, an economic analyst with Wachovia.ELYAC Realty Los Angeles Real Estate Agent, Home Loans, Mortgage Brokers, Oct 2008
It sort of amazes me that it takes a broker in one of the most challenged markets in the country to write about how the market may be turning around, and talking about how the market in Philadelphia has been listed as one of the 7 markets in the country poised for recovery. Just goes to show that though the real estate market may be local, the real estate media is certainly national in today’s world.
You should read the whole article.