November Case-Shiller Report: The Housing Market Struggles To Turn The Corner
Paul Dales, senior U.S. economist at Capital Economics, summed up the real estate conundrum in the Huffington Post, “The most likely scenario in the U.S. is that in 2012 prices will bob around a bit, with one month’s gain being reversed the next month. In general, over the next couple of years, house prices will do nothing more than remain broadly stable.” I couldn’t agree more and stated much the same sentiment last summer as I watched the Steamboat Springs real estate market waver; up one month, then down the next.
The November Case-Shiller Home Price Index continues to paint a dismal picture of a housing market mired down by homes in foreclosure, unemployment rates still high in many key markets, and overall economic uncertainty. Even record low mortgage rates aren’t helping since loan qualification standards remain stringent and in many cases out-of-reach.