Gee, HP readers didn't even come up with that one - the Cendant head real estate guy did... If not NYT registered, go to BUBBLE TALK above for full article paste
Hoping for Best in Home Sales, 2 Sides Sit Tight
Noah Berger for The New York Times
Many real estate agents argue that the current slowdown is merely a pause, pointing out that interest rates remain low and that Americans still seem convinced that houses are a great investment.
Buyers, on the other hand, are hoping that the rising number of unsold homes is a signal that a slump is coming. It was an early sign of the last housing slump, in the early 1990's.
The current slowdown is simply a transition, the agents say, from a scorching hot housing market to a normal, healthy one. "All we are seeing is a pregnant pause," said Richard A. Smith, chief executive of Cendant's real estate division, which owns Coldwell Banker and Century 21, "a disconnect between sellers and buyers."
March 04, 2006
We've got a new one!!! Housing bubble bursting just a "Pregnant Pause"
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5 comments:
There was a "pause" in the bay area in 2000, only because the intrest rate bubble bought the market back from the dead.
The problem now, is that the cat is out of the bag. People are realizing that RE *can* come down. Even if rates dropped again, you'd have buyers pull back and wait for the next dip.
I don't think the peak is happening uniformly across the country. Areas like Phoenix and Vegas have already peaked, but here in UT the builders are still thowin' 'em up, and the listings have asking prices 25% higher than last year for a similar home. It's insanity for sure, and RE agents, as usual, are in denial.
pregnant pause?
Yeah, the one right before she spits the pig.
Those who have adjustable rate adjustments facing them may feel some sort of violation, but I wouldn't call it "pregnancy"!!!
I just wonder what the true debt of the average middle class family is.If you took away the credit cards and it was cash only, the game would be over.
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