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No Sign of Recovery in Near Future

I am the last person to be Debbie Downer, but I am the first person to keep it real with everyone. Despite what you are hearing around the water cooler or at social gatherings about the housing market recovering, it doesn’t look good. Recent reports confirm that it’s going to be a long, slow recovery.

Right now things are definitely on the up, but we’re talking about a .5% grade for you cyclists out there.  In other words, an incline of 3 inches.  Just by taking a bigger look at what’s surrounding the climb, one major issue has to coincide.  The economy needs to continue to improve.  We can’t use the mortgage debacle as the scapegoat anymore.  It’s actually a bigger beast that the government  needs to address and that is people losing their jobs.

I’m no economist, but it’s unlikely that the price declines are over.  My prediction with all the foreclosures coming on the market is that they will continue to increase during the winter if the economy doesn’t get on their horse.

I don’t want change my name to Nostradamus, but this housing rebound is not going to be like any of the past.  The reason I say this is because usually following a recession comes new construction activity and sales are through the roof.  However, some areas are saturated with new construction homes and builders are losing their butts carrying costs from vacant properties.  We’re looking at a tortoise pace which will eventually lead to the normaliztion of the housing market after this stretch of a housing catastrophe.

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