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A guide for homeowners to understand the financial crisis
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Interesting article on Cyberhomes.com about how homeowners can understand the current financial crisis and what signs to look for which could indicate an improving housing picture.
Author Marty Frame, General Manager of Cyberhomes.com, says that there are three indicators which consumers should watch:
- Number of home sales or absorption rate (average is 5.9% per year)
- Pricing patterns, particularly the spread between listing prices and purchase prices
- Mortgage applications
Of course, Frame also points out that psychology plays a big part in financial movements, so consumer confidence is also a key to an improving market. He also mentions that since our current financial crisis is global and far different from earlier economic cycles, predicting the bottom of the market could be even more complicated than usual.
For more info: Email Michele Lerner at MLerner@gmail.com
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