After watching the news, it is very easy to get discouraged about the housing market. There is so much uncertainty out there and if you let it consume you, it will! What I have seen is that things aren't really as bad as they are portrayed. Real Estate is moving slowly these days, but it is moving. I think that everyone is just trying to figure out what the ramifications are of the stimulus bill and the other things government is throwing at the economy. What I see is that most of these things are going to have very little impact in the short term. What I also see is that rates are insanely low right now and buying power is at a high. Even if the economy does come back, I think rates will have to go up to hedge inflation. So, even though the price of the homes may drop slightly, the change in rate will more than make up for the savings.
If you look at the Forbes article, it does a pretty good job of explaining what's going on. As expected, the top 5 worst cities are: 1) Las Vegas 2) Phoenix 3)Detroit 4)Minneapolis and 5) San Francisco. The top five BEST Markets are 1) New York 2)Washington DC 3) Charlotte NC 4) PORTLAND, OR and 5) San Diego.
I just find this odd as they are all very different markets. Seeing San Diego in the top 5 helps though as many of the people coming into Oregon are from Southern California. Hopefully this trend continues. As always, if you have any questions feel free to call or e-mail me. Also, my website always has updates: www.aaronstelle.com.
To see the Forbes article go to: http://realestate.msn.com/article.aspx?cp-documentid=18080758
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