Monday, September 25, 2006

Housing Bubble Leaking

Back to the housing bubble...

This is purest anecdotal evidence, but during Howard's bike ride today he witnessed a homeowner pulling up his For Sale By Owner sign while a real estate agent was planting his agency's sign in the homeowner's front yard. As if that was going to help. At least Howard knows how motivated the seller must now be. You see, Howard might be in the market for a bargain in that particular neighborhood...

Howard's honest realtor friends [oxymoron anyone?] tell him that high-end homes are not moving, nor are the low-end homes in Our Town. However, the market for mid-range priced homes is doing... okay. At least that's what they tell Howard.

The real estate industry is still solidly in the denial phase. Anger, bargaining, depression, and acceptance looming on the horizon.

For more evidence, flip over to Political Animal, where blogger Kevin Drum has his own update on the housing bubble situation at this link.


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