CNBC reporter Diana Olick blogged today that a poll came out reporting a general consensus amongst housing experts that the market would remain struggling through 2011. Wow, now there’s a news flash. The predictions are explained thus: as long as employment remains high and inventory continues to be added via foreclosure proceedings, the market will stay at current levels. I have maintained that while this is not a happy-go-lucky housing recovery, it is somewhat stable, and that in and of itself, is reassuring. Clearly the preponderance of underwater mortgages is a huge concern, however as long as the market remains in a somewhat stable condition, as the data supports, buyers will continue to slowly make their way into the market place taking advantage of depressed prices and other-worldly low mortgage rates. In the end, we should be prepared for more of the same and most certainly not freak out if the numbers continue to show volatility. After all, for one to contend the world is flat at the bottom, would require that the viewer look at it from some distant star… then again, real estate is a long-term investment; one in which time allows and requires just that: a long-term view.
Published on 2010-11-18 08:21:26