Dr Lawrence Yun, Chief Economist for NAR said that housing market shows all the signs of stabilization but the remaining factor that continues to plague the market is still confidence. While foreclosures are always in the news and reducing confidence, to put it into perspective, of 100 homes people living in homes today, 68 are owners, of which 46 have a mortgage,3 are delinquent, 2 work it out and only 1 in a 100 is actually foreclosed on. This is still not good but the belief is that it is much higher and it is affecting buyer’s confidence. He said that there are other positive indicators; corporate profits are up, exports are up, and GDP is up, the dollar is strengthening. What we don’t have yet is the house buyer confidence but that will come when consumers are convinced that things are stabilizing.
To view the 30 min video of Dr Yun’s presentation, click this link
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Posted by Steve Barker, Amerivest Realty, Broker Associate
