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Post by Swampy on Mar 10, 2013 9:47:46 GMT -5
This SF Chronicle article says that there is a shortage of homes for sale in California, partly because many homeowners owe more than their house is worth, so they're holding off on selling. I'm not convinced one way or the other. |
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Post by mcnoch on Mar 10, 2013 10:10:39 GMT -5
Why? That is a quite typical development after an real estate bubble bursted.
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Post by Swampy on Mar 10, 2013 10:29:13 GMT -5
This bubble burst was accompanied by the greatest slowdown since the 1930's, so it's not a normal bust-and-recovery.
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Post by mcnoch on Mar 10, 2013 12:16:59 GMT -5
So you mean, nobody wants to buy a house in SF-Bay area?
Given the insane prices people paid in this area for highly-individualistic interior designs I guess they never will recover their investments. There was yesterday a TV report about a lawyer in SF who paid 85 000 € to have in total 20 m² on two walls of his flat decorated with some of the most expensive tapestries in the world, made in Germany.
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Post by Deleted on Mar 10, 2013 13:08:17 GMT -5
There is absolutely a housing shortage in the Austin area but not because of anything negative (unless you consider all the Californians moving here negative - and most of us do). Rather our population is growing faster than we can build. It is causing problems regarding water, which is already in short supply. There could come a time when there won't be enough water to supply everyone who needs it.
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Post by Sir John on Mar 11, 2013 0:30:00 GMT -5
build more DAMS!
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Post by Sir John on Mar 11, 2013 0:33:55 GMT -5
Actually, in any free market the demand will usually rise in about the same pace as the population. Hopefully more in a healthy growing economy.
Given that the housing market overall is down and the new building even more so, then that should create a short supply situation, even with demand static.
SJ
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