Great Time to Buy?
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originally published in Towne & Country, Realtors blog
We have heard much the same over the past 4 years of a long recession, and no one really takes the campaign seriously anymore. That is, had these articles not just come out:
Great Recession Ended in June 2009, Panel Says
from the article:
(AP) The longest recession the country has endured since World War II ended in June 2009, a group that dates the beginning and end of recessions declared Monday.
The National Bureau of Economic Research, a panel of academic economists based in Cambridge, Mass., said the recession lasted 18 months. It started in December 2007 and ended in June 2009. Previously the longest postwar downturns were those in 1973-1975 and in 1981-1982. Both of those lasted 16 months
Interesting. Then there was this, which cited the Wall Street Journal, among other sources:
Who Is Saying It is Time To Buy a Home? EVERYONE!
This is from Keeping Current Matters, who, I think, tend to be realistic or even slightly pessimistic about the market. From the article (follow the link above to read in its entirety – it is a good piece):
WOW! If that quote was attributed to the National Association of Realtors or the National Association of Home Builders, it would have been quickly dismissed. However, it was the Wall Street Journal that was calling for the end of the ‘doom and gloom’ talk surrounding real estate.
We are finally seeing a powerful backlash to all the recent claims that homeownership should never have been part of the American Dream. It is about time!
The quote that they are referring to is, “Enough with the doom and gloom about homeownership.” This Wall Street Journal article is good as well – you should read the whole thing. The article states in Reason Number 10: “ Sooner or later, the market will clear. Demand and supply will meet. The population is forecast to grow by more than 100 million people over the next 40 years. That means maybe 40 million new households looking for homes. Meanwhile, this housing glut will work itself out. Many of the homes will be bought. But many more will simply be destroyed–either deliberately, or by inaction. This is already happening.”
Interesting. Looking at the stats, it appears that some markets are leveling out around here
We can give you more specific information about your particular town and neighborhood, but it is nice to see some good national news for a change.
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- The Recession Is OVER, Says Economic Panel (huffingtonpost.com)
- U.S. exited recession in June, 2009 (theglobeandmail.com)
- Beaumont Enterprise: Economic panel says recession ended in June 2009 (beaumontenterprise.com)
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