The AP published a telling headline today: "U.S. home prices fall 18.2% in November; Seattle prices off 11.2%." Who's happy?!
Of course, on the flip side of the coin, you have some not-so-happy home owners, notably those trying to sell right now. It's a buyer's market for sure, and it'll take time for the market to recover considering the state of the economy.
But it will recover. Obama is on a mission this week to make sure of that.
Dad and I today discussed that a simple way to recover the housing market is by announcing when interest rates will rise. For example, let's say today's interest rate is at 5 percent. If I heard that interest rates will be up to 6 percent on May 1 then you'd be damn sure that I'd buy a home before then.
I'm no economist (Wesley, chime in), but if Democrats... *cough* ...the government is to intervene with the housing market, they ought to approach it the same way they approach Iraq and put a timeline on it.
When they come to a decision, just let us buyers know and we'll be snatching up properties like we're playing Monopoly. Picture me on Boardwalk.