In the News
It’s hard to believe, but half the year has passed. Where do we stand in the real estate industry? In the same jumble we began the year in, I’m afraid. As has become customary, confusion reigns. Take mortgage applications as an example. They’re up then down, then the cycle repeats itself. Interest rates inch up then decrease a bit then rise again.
Two headlines I came across recently tell the tale of how difficult it is to decide whether to be pessimistic or optimistic about the real estate market – or to just throw up your hands resigned to not having a good feel for where we are as an industry:
Fitch: Housing market getting ready to grow Freddie: Many home markets are stalling
Home buyers and sellers are just as confused. Determining when it’s a good time to list your home or look for a new home or both can by mystifying these days, and I’m afraid that until we return to a more "normal" climate in which trends make sense we’re in for challenging times.
Some good news arrived toward the end of July when the national economy seemed to pick up steam. Daily Finance had a very positive story about the economy Roaring Back to Life, while the employment picture was positive again with 209,000 new jobs created by private business in July.
I’ll go out on a limb and declare that I am cautiously optimistic about the second half of 2014. National economic trend lines are good, lenders are eager to lend, Realtors® want to move homes and more Americans are moving toward the economic stability required to consider purchasing a home. I believe in our collective power to move the needle. Let’s see if we can make it happen.
Questions or comments? Call me at 708-386-7900, or send me an email: frank@prairietitle.com.
Related stories we’re following:
Mortgage markets show gains in Q2
Freddie Mac June numbers.
Existing home sales.
Housing markets new normal?
