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 ...
Millions of homeowners are already seriously delinquent. “The average length of time that houses remain delinquent nationwide is 995 days,” Jurow says. “The worst culprit is New York State. The average delinquency period there is four years.”
What housing market? There are homeowners on my block that have had their houses on the market for over two years! Even trying to short sell they can't get a nibble.
What are the price ranges, though?
Otherwise that home is going to look really ugly and turn on the unfortunate buyers...
The housing market will hit a new record. These morons are dead wrong
169 (to sell short) to 240 (this is Ohio).
Dang, those should be selling easily. Especially if selling short.
We’re living on borrowed time. IMO
What housing market?”
We are in the Houston suburbs and houses in our area are gone within 30 days of hitting the market, some sooner. Our neighbor got a job in the oil patch in west Texas and their house sold within ten days of listing at a cost of $50,000 more than they paid ten years ago and sale was for cash. Lots of people moving here from the east and west coasts and, to them, our houses are a real bargain.
Bad thing about that though is that all the houses in our neighborhood will now be valued for more and so our taxes and insurance will go up by a bunch next year.
“169 (to sell short) to 240 (this is Ohio).”
Eastern MA here. I have not seen prices like that in almost 20 years. You are very lucky.
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Many people bought houses at the bottom, paying cash. They are not typical housing investors. They will sell. Price will be affected. There never has been a recovery based on traditional home buyers.
Same thing happening here in FL. They’re building like crazy, and the older homes don’t stay on the market long either.
The cable tv shows are a lie!! They are bloating these crappy houses. Very dumb people watch and assume the incredibly made up values are true so realators can get more money. The market on houses is collapsing but I MEAN COLLAPSING!!. Sell Quick!!
Bought my house for 220k. Put it on the market several years ago (long since gave up) and tried to sell at 180k ... not even a nibble. Before moving here in 2003 sold my 160k home in NJ for 350k ... karma I guess. LOL!
And most of those traditional home buyers in the home buying age now, have part time jobs if they’re lucky, with zip for medical benefits and on and on...
The article is very misleading. Some zip codes in good school, certain non judicial foreclosure states are as hot as ever. And in some price ranges the houses are sold in less than a week. The country is full of winner and loser zip codes.
As far as rents, he is correct. Rents are going through the roof.
Good points. Thanks.
You’re right.
At least you received a nice tax free profit on your N.J. house.
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You should work for Obama...He's running low on propagandist and advocators..
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