In recent weeks, I have been reading much about the lack of confidence in the housing market that is demonstrated by declining transactions and prices. Although it is clear that we are far from “out of the woods” at this point, I would like to suggest that this news may not be as dire as everyone is thinking.
Remember the tax credit that was implemented last year? How short the memories of our local and national reporters are. We are fighting against the tide of a dollar-induced market that we no longer have. I think that it is important to make this statement, as I have yet to see any mention of this in the media.
That said, we are still suffering from a surplus of homes and foreclosures that continue to weigh the markets down, in terms of both price and supply.