All the news media is full of the decline in housing prices. What’s up with that?
Remember, a year ago the federal government would pay first time home buyers $8,000 to buy a home. So what you have is the market readjusting from governmental interference in the marketplace. It took a few months for the market to adjust to the government taking away the tax incentives.
Many people thought the recession was over around the 2nd quarter of 2010, but the feds interference in the housing market has resulted in a situation much like the Cash for Clunkers program.
The market will find itself! Lower interest rates and these extremely good prices on homes won’t last forever.
Remember, the Cash for Clunkers impacts on the auto industry didn’t last long either.
Got a question on Real Estate in the Inland Empire? E-mail me at gteeters@coldwellbanker.com or leave a comment.
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