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Stateline, NV Market Statistics
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- Cave Rock, NV
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Stat Counter
NAR reports home prices may be bottoming out.
November 10th, 2009 categories: For Buyers, For Sellers, Lake Tahoe Real Estate, National real estate news
But they are in the business of saying that, aren’t they?
It’s not that we don’t believe the National Association of Realtors (NAR), but we think its important to address the potential for agenda when we see it. The truth is we hope the NAR is correct as reported in this CNNMoney.com article today, and if they are we’ll see it sooner or later here in South Lake Tahoe.
As we have discussed frequently, South Lake Tahoe, being a resort market, and one obviously more rural that urban, normally follows national trends somewhat after the fact. We saw the beginning of the housing decline later than many markets, and it makes sense that we’ll likely see the return to stabilization somewhat later than other markets as well.
Here’s the main points in today’s article:
- The bleeding in the housing market seems to be stopped, at least temporarily, according to home price data released on Tuesday.
- Most U.S. cities saw gains in the median price of single-family homes sold during the three months ended Sept. 30.
- This is the second consecutive quarter of gains.
- The housing market is getting closer to price stabilization.
- NAR attributes much of the recent increase in home prices to the government’s first-time homebuyer tax credit.
- A glut of foreclosed properties will continue to weigh on prices in the months ahead.
- The current employment picture continues to be a problem. (The latest release from the Bureau of Labor Statistics reported a national unemployment rate of 10.2%.)
(full article here)
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