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 July 24, 2009

Signs of Housing Market Stabilization Seen by Economist
Tom Lawler is an independent housing economist. In looking back on the housing boom of the recent past, he has commented that even his dog Kita could have obtained a mortgage back then- even though the dog had a low "fido score". Lawler is now arguing that the price tags of low to mid range homes are showing signs of stabilization.
Lawler looks to the declining rate of foreclosures of mid-income homes as the main factor in the stabilization. Additionally, due to the foreclosure crisis, stable home owners have been hesitant to sell their homes unless absolutely necessary.

Downturns of the past were driven mainly by regional unemployment numbers, which in turn, caused home prices to drop slowly. In our current downturn, prices have fallen sharply due to the volume of foreclosed properties which banks have moved quickly to sell off.