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Double-dip for real estate?

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Maureen Wilkey

Writer on real estate from any angle

MarketWatach recently reported that 29 of the U.S.'s 143 markets are now in decline again after a short period or recovery. The potential for a W-shaped housing market recession exists, but may not be as bad as we think: Another 29 markets are on their way up.

Chicago isn't on either list, which, I would assume, means the market should be holding relatively stable.

I think there may be a little bit too much panic over the potential for the W. With markets going both directions, I think the news is more indicative of the fact that the housing market problems are localized than anything else. The report from Zillow.com indicates that New York and Los Angeles are both on the list of housing markets on their way up, and I think that shouldn't be a surprise: Those are probably markets where job growth would make sense.

The theory that we may be "bouncing along the bottom" maekes sense to me. Stabilization may be on its way, but not quite permanently yet until consumer confidence and employee ob confidence returns. I also think when we stop seeing as many homes foreclosed, we may look to buy more.

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1 Comment

Lucid Realty said:

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Actually, Chicago may very well be headed for a double dip. The Case Shiller index bottomed out in April but has been in decline again the last few months.

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