Housing woes are now the way they should be, a more accurate representation of the country as a whole.
Housing CANNOT recover until one of two things happens. Either prices need to fall to make homes affordable to our new, lower, wages (excepting government wages, government gifted businesses & auto unions) or good paying, family supporting jobs need to return.
As we all can see, the current government has NO intention of letting either of these things happen. But, we the people can make the needed changes … starting in November!
As job return, so will the real estate market.
Yes, I agree …. we need JOBS!!
its neither, the banks wont lend and have tighten restrictions so much ,people that are hard working and have great credit, liquid cash reserves and have equity in their home are being rejected for refinancing or being able to close escrow, which in turn then the house stays on the market longer and in desperation to sell they drop the price, the banks need to get it together and start looking at a persons entire assets and track record than just 2 years tax returns, kr