In recent weeks, I have been reading much about the lack of confidence in the housing market that is demonstrated by declining transactions and prices. Although it is clear that we are far from “out of the woods” at this point, I would like to suggest that this news may not be as dire as everyone is thinking.
I was just looking at figures released this morning relative to how our economic output is doing. Gross Domestic Product is a figure that is very important as it shows how we, as a nation, are growing economically by looking at the value of all the goods and services that we generate inside the U.S.
I was fascinated to read my associate Karl Case’s article on housing published in the New York Times a couple of weeks ago. In it he suggests that the “American dream” of home ownership, rather than being dead in the water, is actually alive although somewhat battered!