For several weeks/months we have asserted that there is no housing price bubble. The media, in general, has inaccurately portrayed the slowing market as sign of a meltdown. Kenneth Harney, syndicated real estate columnist for The Seattle Times, is a lonely voice of reason in the media. He’s right on!
His 10/15/06 article sets the record straight on all issues/concerns that buyers and sellers may have: (1) prices are adjusting in an orderly manner; (2) unemployment is low; (3) interest rates are low.
In viewing similar blogs around the country it is apparent that many buyers are in a wait and see mode. Typically, these are the less experienced buyers, perhaps first timers. Experienced buyers are making significant moves, capitalizing on more favorable pricing of middle and upper end properties during this adjustment period.
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