Much has been made of an uptick in housing. It seems that after 4 long years many people are just ready to move. Real estate may be thawing, but 40% of homeowners are still holding back the market and likely will remain a drag for a good while. They are the low and no equity homeowners.
Had the market been able to correct years ago we probably wouldn’t be in this slog. Many of us would be living in nicer, much less expensive houses too.
But that was then and this is now. If one dips one’s toe back into the housing market this spring do it with caution.
(From The Big Picture)
The spin from the NAR is always amusing, and this report is no different. How the NAR framed this, and what it might mean going forward, is rather interesting. NAR chief economist Lawrence Yun made the following statement: “The supply limitation appears to be the main factor holding back contract signings in the past month. Still, contract activity has risen for 20 straight months on a year-over-year basis.“