Sunday, April 3, 2011

Why the Housing Market is Three Times Worse than you Think

Don't get duped by an economy that is slowly recovering from the recession. The banking and housing crisis have taught us valuable lessons. In the wake of these crises, are important concepts to learn before you buy that house or condo.

Here is a link to an informative article by CBS MoneyWatch that explains "unofficial shadow inventory" of homes for sale and "severely underwater inventory".  The article even includes links that breaks down the data by state including  the state of Florida. However, the article also urges readers to do homework beyond the state figures:

Of course, even state-level data doesn't capture what's going on in your local area. If you're looking to buy or sell, one important step at this juncture is to look beyond the official sales and inventory data, and try to get a sense of local shadow inventory. This is where a solid and straight-up real estate agent is going to be crucial. You don't want sugarcoating; you need an honest assessment of what's in your local pipeline.
As always, we welcome your comments by clicking below. Happy home hunting!

No comments:

Post a Comment