Real Estate Life After the Tax Credit

10 06 2010

Well, we all knew that the government was pouring gasoline on the fire to try and make it burn. Now that April 30 has passed we can measure the effect and it is startling!

Looking at Ada County. In April there were about 680 closings and an increase of pending business of about 150. So that means roughly 830 contracts were written.

In May there were also about 680 closings but pendings went down by 350! That means that there were only about 330 new contracts written.  Check me on this; but I think this is right. . .

Wow! And June sure feels quiet as well. This does not look promising. What do you think?




4 responses

10 06 2010

It’s hard to say what’s what at times…some optimists tell us we’re on the way up, others say this is just the sub floor before the double dip basement. Either way it’s good to have Realtors like you working out here in Idaho to help keep us informed with what’s going on in real estate – keep at it Jere!!

11 06 2010
Jan Higginbotham

Thanks Jere, yours is the most reliable information in town. Now that we really need to know our stuff for projecting future trends, I don’t know what we would do without you.

14 06 2010
John Emery

Jere ~ glad your settling in. You have more fortitude than I do.

Interest rates are artificially depressed even though the Fed got out of the Treasuries market last March. Inventories are artificially low because 1.7 million homes are being held in the “shadow inventory” last I heard. I fear that more billions were spent to simply move the spring season ahead a few months. What else – oh consumer confidence. I heard on my Wall Street Journal podcast this AM that people are optimistic about the economy but not so sure about their jobs. And of course the media keeps up the fear mongering about a double dip recession. So we what we really have are artificial rates, artificial demand and artificial supply. Projections? Righto – have at it and good luck. :0
PS you have Lowe’s Flat Fee advertising on your blog. Doncha just love it?!

14 06 2010

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