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Interesting review of data which shows people's attitudes to the housing slowdown. A large percent of owners think they could sell their homes for more today than they could have a year ago. This is called denial.

 

Submitted: Jun 22, 2007    Views: 496    Comments: 3    Likes: 5   


View Article: http://www.boston.com/realestate/news/blogs/renow/2007/06/five_stag...


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Comments Received:

JRodgers

As someone pointed out in response to an earlier story, the fact that people don't know that their homes have declined in value is not a bad thing unless they are in a position where they need to sell. This denial (or lack of knowledge) also probably explains why consumer confidence has stayed strong while all home price and sales indexes have shown real estate declines.

Posted: Jun 22, 2007

alexWoj
alexWoj

I am lucky that I live in the Bay Area where prices have stayed strong. I know that they are down big back East.

Posted: Jun 23, 2007

JRodgers

Prices have fallen in most places and will fall everywhere. The real estate bubble was a national obsession. We are in the second inning of a game that may go to extra innings (for those who can't relate to baseball analogies - I am saying that the US real estate market will decline for many years to come). As time goes on, it will affect consumer confidence, but these stats explain why it has yet to do so.

Posted: Jun 23, 2007



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