Its spring and the NAR is publishing reports about how "its a great time to buy."
In this mistitled article I found an interesting quote:
Determined to remain in their homes, 72 percent of adults reduced spending in the past year in order to make monthly mortgage or rent payments, mostly by cutting discretionary spending such as vacations, entertainment and eating out. Regardless of age, most Americans are cutting spending back from some aspect of their life to pay housing costs, according to the survey.
But “It’s not all doom and gloom,” said Move, Inc., CEO Steve Berkowitz. “We found Americans are optimistic about homeownership despite concerns. They’re doing everything they can, from reducing discretionary spending to pay their mortgages, to planning to take advantage of the administration’s new program to stop foreclosures.”
Wow... that's a spin. (emphassis mine) Quite bluntly, people are waking up to the fact their home isn't affordable. The economy will not function if everything is being done to service debt.
Home sales are down at a normal level. What happens if they actually drop to a recessionary level?
Got Popcorn?
Neil
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