It’s not that bad….really
It’s not that bad….really. That’s the basic message that NAR chief econmist David Lereah recently delivered regarding the state of the housing market to a Rotary Club in Birmingham, AL. His overall point was that the media has insisted upon lumping the performance of the U.S. housing market together, which is unfair to certain areas of the country who are not feeling the negative impact as dramatically as places like San Francisco, Miami and Las Vegas.
Lereah believes that only two-thirds of the country is currently experiencing a real estate recession - not everywhere as the media would have you believe. However, he does think real estate prices will continue to fall in most U.S. markets. He also predicts that 2007 will be only a “modest” year in real estate.