You Read it Here First!
Nice to be first with some good, cutting-edge housing market insights — plus some extra analysis and context.
Compare what ran in the Strib yesterday, with my May 27 post:
The banks are selling, but banks aren’t buying . . . the result: a one dimensional housing market dominated by first-time Buyers.
–“In Real Estate Fire Sale, Sellers Can Get Burned”; Star Trib (6/21/09)
Now, here’s my crack at explaining the same phenomenon, back in May:
If the housing market is an escalator, anything that strengthens the lower rungs theoretically benefits the higher rungs, too. . . Unfortunately, banks, not individuals, own the foreclosed homes being snapped up. As a result, when a deal closes, the Seller doesn’t automatically become a Buyer for another home.
–“Escalator Short-Circuit“; City Lakes Blog (5/27/09)