Until you’re able to look back on the bottom? I love economists.
Some say the worst of the housing bust is over. Another says that the housing numbers look worse than expected (archived: 2012). Whom to believe?
Things change so fast in the breathless headline-writing world:
11/15/2006: Mortgage applications hit highest since January (no longer available).
11/22/2006: Mortgage applications fall in latest week (Press release from the Mortgage Bankers Association (archived: 2013))
How do we know that the housing “bust/correction/adjustment” (how about “change”) is over? My answer – when we are able to look back from a perspective of nine to eighteen months and say, “see, here are the data, this is the trend of where we were, and here is where we are.” Until then, speculation about every move – a move of any kind - of the market is just that – speculation, even if it’s educated speculation.
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Jim Duncan has been helping buyers and sellers in Charlottesville’s neighborhoods for 25 years. Get local insight born of experience.
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