“Right now there is no inventory, anywhere. That’s keeping prices artificially inflated and making it nearly impossible for somebody to buy a house.”
Housing is a commodity. Its value is determined by supply and demand. When housing is tight (low inventory) then prices will rise. This will bring additional homes into the market place thereby increasing supply and lessening demand on available inventory and lowering prices.
I have still seen no satisfactory explanation of exactly what caused the evaporation of liquidity in 2008.
People are moving out of the Seattle area and coming over to the Olympic peninsula. The market is red hot in the Bremerton and Port Townsend areas. There are not enough ready to move into houses. Land is skyrocketing. How long can this keep up before the only people left to purchase homes are underqualified, unemployed persons who have nothing left to choose from and who couldn’t afford them or qualify anyway? If the economy goes tits up, I think the available number of houses will increase when massive foreclosures happen due to inflation and the coming economic collapse. After a while, it seems that housing prices will come down? It’s hard to see the future in real estate.
“Housing is a commodity”.
And the market for that commodity in no way reflects reality.
9 months of foreclosure prevention has seen to that.
Those foreclosures must proceed to bring even a sliver of sanity back.