Wednesday, June 9. 2010
I am often asked- How is the market? When will we back to a "normal" market? My answers to these questions has not changed for the last year and will not change till I see a change in the job market. How is the market? The real estate market is still seeing a high number of distressed homes ( short sales/bank owned). This will continue for some time. When will this all end? Again, I will go back to jobs. Home owners will pay their mortgage(s) if they have the income to pay and buyer's will buy homes if they have a job with high enough wages to buy a home. Yes, there are other factors to the equation but in my opinion Jobs are the most pivotal. Here is a quote from the Seattle Times about the nations jobs- "Another worry is that hiring in the United States by private companies could stall. That fear was stoked by a government report last Friday, showing that job creation at private companies in May slowed sharply, with businesses adding only 41,000 new jobs, the fewest since the start of the year." (http://seattletimes.nwsource.com/html/businesstechnology/2012064372_apusbernanke.html)
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