A decade ago, housing experts warned — incorrectly, it turns out — of a Tsunami of “shadow” inventory waiting to flood the then-moribund housing market, and drag prices still lower. See, “Barry Ritholtz Issues Mea Culpa on Housing.” The source of all those homes? Banks sitting on millions of foreclosures nationally. Fortunately, it never happened: banks bundled...Read More
Don’t Fight the Fed — Housing Edition “I am still aware of the inorganic nature of the improvement [in housing], but the key takeaway is a) US housing market down 35% eventually stabilizes; 2) do not under-estimate the ability of a determined Central Bank to impact any specific market it chooses.” –Barry Ritholtz, “Mea Culpas...Read More
So, The New York Times has finally weighed in on the “Has Housing Bottomed?” debate, casting its vote on the side of the bulls. Its leading example? The Twin Cities housing market: Joe Niece, a real estate agent in the Minneapolis suburb of Eden Prairie, said he recently concluded a streak of 13 consecutive bidding...Read More
Just Don’t Call it a “Shadow Market” What: Cash Buyer looking for a 3 BR/2 BA Craftsman Bungalow near the Lakes with all the “goodies” :　 built-in’s + original character, updated Kitchen and Baths, 2-car garage; upper level Master BR. Linden Hills, Fulton, Kingfield, Bryn Mawr, Minikahda Vista all OK. Price: up to low $400’s....Read More
No, that’s not a line from a James Bond movie, or what you might hear during a game of Dungeons and Dragons. It’s what I say to Edina tech support every time I call with a (for me) headscratcher . . . . like 5 minutes ago — solved by Thu in about 30 seconds....Read More
Shadow Inventory . . . in the Same Building There’s been much talk of “shadow inventory” that wanna-be Sellers are poised to put on the market once conditions strengthen. We’re about to find out, because there are increasing signs that the lower end of the market is stabilizing, if not rising. In the meantime, the...Read More
