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December 2010

There are 2 blog entries for December 2010.

Stirrings in the Rental Market

/aThere have been a few signs lately that the housing market isn't going to be in the doldrums forever. Sales contracts for previously owned homes rose in October, for example - still much lower than the same month in 2009, during the first tax-credit-induced buying frenzy, but enough to cheer some economists who previously had little to be cheerful about. On the other hand, there are still a lot of homes for sale and few buyers. Economists seem to agree that job growth is the key to market recovery, and the latest data show that higher employment is just not happening. Then again, Philadelphia is slightly ahead of the curve, which appears to be helping one housing segment - rental apartments. When I contacted John…
1,041 Views, 50 Comments.

Home Price Disconnect

/aFact: Home prices lag home sales. It happens on the way up and on the way down. Today's S&P Case Shiller home price report just confirmed what we've seen from umpteen other reports in the past few months, that home prices are taking a double dip. We knew it would happen. "I would guess that by the end of today I would hear lots of double-dip forecasts and a few I told you so's. Things are rotten," opines S&P's David Blitzer. But the question is, of course, how rotten? Home sales in Philadelphia fell off dramatically in July after the expiration of the home buyer tax credit. Then they came back a few months later, and then turned for the worse again in October. Prices in Philadelphia's home market are much harder to gauge…
1,260 Views, 196 Comments.