Excerpt from: Ski Resort Newsroom
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| April 09, 2009 | | Lawrence Yun who is regarded as one of the top ten economist in the US presents the housing ing situation to ski mountain Realtors | I had the pleasure to attend a luncheon and presentation by Lawernce Yun sponsored by the Vail Board of Realtors. Lawernce has been the Chief Econonmist since 2000 and is now Senior Vice President for the National Association of Realtors and has personally witnessed the greatest housing boom to bust in the history of the United States during his tenure. He regularly appears on CNBC, BBC and Bloomberg TV and is a regular speaker at real estate conferences throughout the US. USA Today recently listed him as one of the top ten economic forcasters in the country. Here are some of the salient points Mr. Yun made during his presentation: BAD NEWS - It is clear that the United States government is not doing enough to prevent further collaspe of the housing market
- Consumer are tapped out and not spending money for the first time since the Great Depression
- Consumer confidence is at an all time low
- Substantial wealth has been lost in the stock market
- Job loss is at an all time high
- Housing valuations are way down
GOOD NEWS - 90% of the population still has their jobs
- 70% of the population have "stable" jobs; these folks will respond to home purchasing incentives
- Housing Affordability Index at an all time high since the 70's which means it's a great time to buy real estate
- California Home Sales are up 100% in 2009
- If you buy now and there is inflation which many predict will happen; you get the benefit of this inflation via an inflationary increase in real property
As for the second home markets and vacation property, areas like Colorado ski country have not bee as affected as some of the second home markets in larger cities like Las Vegas, San Diego and Orlando however, all retirement, investment, second home and vacation property will take a bit longer to become vibrant again compared with the primary housing market. It should also be mentioned that Baby Boomers are still retiring in record numbers and this particular segment of the second home market, retirement buyers will continue their retirement home buying. You can read the full report on the second home real estate below. | | |
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