More evidence of a continuing buyer’s market in housing and of a double-dip for home prices comes via this Gallup poll where Americans seem resigned to little improvement in the nation’s property market due to the glut of foreclosures and weak job growth.
When looking back at this, historians will no doubt have a field day with all the efforts by the government to intervene in the housing market last year as Uncle Sam was giving away $8,000 to each new homebuyer and its central bank was buying $1+ trillion in mortgage securities while doing its level best to keep mortgage rates at freakishly low levels. The effect of these actions on the housing market appears to have been only temporary.
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You could make that ‘Foolish Buyer’s market’.
Hey, you callin’ me foolish?
I was laughing at the poor slobs who were falling over each other to buy any piece of crap house before the $8K tax credit thing expired.
I figured if you give people $8K more money to throw at housing, then housing will go up by $8K.
As for myself, I’m sitting on a pile of cash, but I’m waiting for RE prices to get down to where they belong before I spend my hard earned money on a house.
The average “man on the street” doesn’t know who his congressman is, the name of his senator, how to change a tire, or how to calculate a tip. Why should anyone really care what a poll like this says?
I happen to think home prices are headed down as well, but I do so based on more than an impulsive comment given in a moment to some $8/hour pollster.
Critic: What’s funnier is that most of those taking the govn’t up on that $8000 have no clue that they just lost money. All they see is that the payment is lower than if they didn’t take the $8,000.
[...] Information: Experts predict that a “buyers market” will continue in real estate, although it feels more like a “bankers market” [...]