Not exciting but it’s better than expected. This is a barometer of how the economy is doing. Why do i report this to you? Because, the economy and housing are tied together. Each one has a bearing on t he other.
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Looks like buyers are back. The emotional sentiment that drives housing is definitely on the positive side. In addition the lack of inventory has driven prices up so 1.3 million less people are upside down. So, sellers are back. The problem is without enough inventory, this can’t sustain itself. Even though building is starting to ramp up, it takes 2 years from permit to house.
This article really describes our market perfectly. Hedge funds are in there buying up everything regardless of price or condition. In some areas, there is less than a one month supply. 6 months supply is normal.