Is the Housing Market on a Doomsday Collision Course?
Yet another month of bad news. In my opinion, nobody captured it quite like Les Christie, Staff Writer of CNN Money in his article "New home sales break record low set last August." According to Les, "New home sales fell 16.9% in February, to the lowest level since the government began keeping records in 1963, as the reeling housing market failed to generate any momentum."
And there seems to be no end in sight. Where have all the economists gone? Now is the time for new ideas. Now is not the time for politics...Now is the time to brainstorm ideas that will put a tourniquet on this wound, or it will lead to certain death.
What troubles me the most is touched on by Les Christie in his article. In his own words, he said "there’s a “shadow inventory” of foreclosed homes repossessed by banks and not yet put back on the market." When will the banks decide to play? As we continue down this path of certain destruction, It appears some will just sit and do nothing
Areas Served: Albuquerque Metro/ Algodones/ Bernalillo/ Cedar Crest/ Corrales/ Edgewood/ Los Lunas/ Los Ranchos de Albuquerque/ Placitas/ Rio Rancho/ Sandia Park/ Tijeras