Posted on 08/29/2014 7:46:46 PM PDT by Lorianne
Most real estate experts believe the U.S. housing market is roaring back. Few have anything to negative to say about real estate. But what if they’re wrong?
Real estate analyst Keith Jurow, author of the Capital Preservation Real Estate Report, is warning that the real estate market is not as strong as it seems. Says Jurow: “I never bought into the idea that we had a recovery at all.” His research leads him to conclude that home prices will be heading lower.
Why? Largely because home listings are going up but sale prices are not. Jurow discovered that as of June 2014, listings in Ft. Lauderdale increased by 89.3% year-over-year. In Miami, listings are up by 65.7% In Charlotte, N.C. they are up 51%, and in Riverside, Calif. they’re up 28.1%. In 10 major metro areas around the country, listings have increased. Jurow gets his data from Redfin.com and Raveis.com.
“Many people waited for prices to rise before putting their house on the market, and they have,” Jurow says. “But now listings are increasing because everyone has the same idea. Unfortunately, May and June are traditionally the strongest months for sales, and these home sellers have missed the peak season.”
(Excerpt) Read more at marketwatch.com ...
Housing market?! Housing market?!
THE WORLD IS FALLING APART.
Thanks Obama, the Great Pretender III
Buying a home today takes a super secure, real good paying job, with medical benefits..............
Obamacare is going to hurt a lot of people.
No, the state of NJ receive a nice tax profit. LOL!
Come on Dragnet don’t go there. I am a service academy guy that despises the man. But I am a real estate investor that knows what he is talking about. As I said the real estate market is very zip code specific. I can go 15 miles away from a hot market to one where you can’t give the houses away.
His article had a holistic view that doesn’t truly represent the bifurcated market as it is. And I do not live in CA. I am in Georgia.
“No, the state of NJ receive a nice tax profit. LOL!”
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Yikes! In MA the same rules apply for state tax as they do for federal (residential real estate)——so you wouldn’t have been taxed.
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My neighbor sold his house in 3 days. I bought a house six months ago. It has increased in value by $50,000. You must live in a swamp.
We’ve owned our current home since 1992, in the past 22 years, I haven’t had a clue about what its market value was at any given point, nor did I care, it’s our home, not an investment. We’ve decided to let our heirs worry about its market value
On my block, in a nice neighborhood, I've seen houses sitting empty for longer than that.
I suspect that the buyers got in over their heads and just walked away. What I don't get is the lack of for sale signs.
Oh yeah, the housing market is on fire....
Buy now while ya still can!!!
lol~
Yeah, I kind of suspected that.
Take care...
I see an abundance of sale signs just a dearth of sold signs.
Lack of For Sale signs is indicative of many things; underwater and can’t qualify for a loan, trying to ride it out, not enough equity to put toward a national average 22% down payment on the next house, satisfied with their own house.
What do you see the economy doing in a year or two? I think we’re going to limp along, at best.
Depends on where you are. A house a block over was listed at an outrageously high price, and after less than a month on the market, has a sold sign on it. Poor landscaping, lousy curb appeal. It will take me a couple of months to find out the selling price but I was surprised how quickly it went. I can feel my taxes going up.
I suspect you are correct. I live in FL, the market is all over the place here.
In the city of Bellevue (suburb of Seattle), 85% of the homebuyers are foreigners. Spoke with one guy and he said everyone that looked at his house (muliple offers, all higher than asking price) all of them were Chinese except for one Korean family, and one American. The Korean’s and American’s begged him for the house - but the only color that mattered was green (went to a Chinese guy).
Empty houses, empty for a long time and still no "for sale" signs.
Presumably owned by banks or mortgage companies. Why aren't they even trying to sell them?
Could be waiting for prices to rise.
“Presumably owned by banks or mortgage companies. Why aren’t they even trying to sell them?”
I think they get some sort of gov’t deal for having these dead houses on their sheets. I know people that had hoped to pick up a cheap, foreclosed home years ago - but they weren’t on the market, at least in our area.
Go to http://www.zillow.com and type in your zip code and see all the listings. I am from the 55422 area in western Minneapolis, Minnesota.
I live in southern California and cannot buy a house without a lot of worry as I know the prices are up too high. For me I barely would scrap by each month so won’t risk it.
That’s not happening in my neighborhood in NW Harris County. Too many people asking way less than they should because of realtors lowballing. I hate realtors. Most of them are worthless and/or crooks.
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