"Can't you understand what's happening here?
Don't you see what's happening?
Potter isn't selling. Potter's buying!
And why? Because we're panicky and he's not.
That's why. He's picking up some bargains."
— George Bailey from "It’s A Wonderful Life"
Dear Friend,
Slowly but surely, headlines are changing from Don't Buy A Home Now to …
Is It Time To Buy?
We said it here first: That consumers aren’t getting the full housing market story. Now, finally, one brave journalist is writing that the Case-Shiller Index is flawed. In his story "Home-price data has its flaws," Chris Plummer of MarketWatch slams both Shiller's Index and the Associated Press for being "Grim Reapers."
Furthermore, for the first time, S&P Index Committee Chairman David Blitzer "acknowledged his organization's overall and metro-market readings paint an incomplete picture." No kidding. The Index covers only 20 markets, heavily weighted to the most volatile metros in the nation. In fact, truth be told, 78 percent of the 330 metropolitan regions the National Association of Realtors tracks reported price increases.
Right now we have mortgage interest rates three points below historical norms. We have housing inventories five months greater than balanced markets. Combine that with unemployment that is a half-percent lower than the recession of 2003, and you have excellent homebuying conditions.
Stop listening to the media. Go buy a home.
Follow Mr. Potter and Be A Buyer. Call me today to get the ball rolling on your personal sequel to "It’s a Wonderful Life."
Dennis J. Rath
Professional Realtor
ERA Rath Realtors
(440)289-7284