Housing Market key to Economic Recovery

July 13, 2009 at 5:17 pm Leave a comment

“Be greedy when everyone else is fearful. Be fearful when everyone else is greedy.”

The statement above pretty much sums up the current real estate market. The second half of the statement was realized soon after the crazy appreciation that took place in 2005 & 2006. Whoever had thoughts that the real estate market would continue to rise forever were out of their minds.

The first half of the statement will be realized once the market stabilizes and home values pick up. Currently, we have a low supply of homes versus demand, which makes prices go up. This is good news for any homeowner. Foreclosed homes have decreased to a one-month supply while first-time homebuyers scramble to buy a home before the November 31st deadline to receive an $8,000 tax credit.

Bottom line, the housing market is showing signs of recovery. If this continues, the progress of the real estate market will help boost the economy to a quicker recovery. Let’s not forget that our economic crisis began with the downfall of the housing market. If we fix the source of our economic decline, we will see a better economy and quality of life ahead.

Entry filed under: Arizona Real Estate, Chandler Real Estate, Foreclosures & Short Sales, Phoenix Real Estate, Real Estate Deals. Tags: .

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