Calculated Risk muses about the future, and it ain’t pretty for the nation as a whole.
As you read what the Calculated Risk blog has to say, please do remember that Case-Shiller’s indices contain nothing meaningful about Manhattan in particular and even New York City in general.
The data cover the whole region as far as Pennsylvania and include sales of only single-family houses.
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Charles Rutenberg Realty
127 E. 56th Street
New York, NY 10022
Housing recovery will depend on bitter medicine. (Flickr photo by aussiegall)
Experts cannot agree on how long housing’s crisis will continue or how to fix the problem.
You may have noticed my characterization of the situation as a “crisis,” and certainly everything that has happened in housing in the last three years has been tragically dislocating to millions of families and profoundly harmful to the economy. No one knows when it all will end or even how bad things will be when it’s finally over.
The effects of the bursting bubble have thrown lives into chaos and helped make a shamble of the economy, and that’s where the word “crisis” comes in. Whether ameliorating the crisis means that the nation will–or should–return to 68-69 percent home ownership is another matter on which I have written and will consider again below
Meantime, allow me to quote some of the sources in the Bloomberg piece that I mentioned in my post yesterday. For example:
Morgan Stanley housing strategist Oliver Chang:
Whether it’s the sidelined, shadow or current inventory, the issue is Continue reading