Pending home sales down in Midwest
According to this article from National Association of Realtors:
Pending home sales, an indicator of the strength of the housing market, are down 3.5% nationally and 8.9% in the Midwest from this time last year.
Sure, the subprime lending fiasco has impacted this. But another thing I keep seeing in print as a reason is "buyer confidence."
In fact, with all the news articles out there every day about the housing market, you don't see very many that are positive in any way, unless they come straight from NAR. This begs the question, would consumer confidence be this down if the media wasn't constantly telling us that it was? In a weird way, is the media's bleak outlook on housing actually causing some people to be hesitant to buy, and thus a cause itself of our slow market?
Something to think about...
Pending home sales, an indicator of the strength of the housing market, are down 3.5% nationally and 8.9% in the Midwest from this time last year.
Sure, the subprime lending fiasco has impacted this. But another thing I keep seeing in print as a reason is "buyer confidence."
In fact, with all the news articles out there every day about the housing market, you don't see very many that are positive in any way, unless they come straight from NAR. This begs the question, would consumer confidence be this down if the media wasn't constantly telling us that it was? In a weird way, is the media's bleak outlook on housing actually causing some people to be hesitant to buy, and thus a cause itself of our slow market?
Something to think about...
Labels: home sales
posted by Jamie Mandel | 8:12 AM
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