What’s up with the housing market now?

 

A lot of prognosticators are forecasting that home prices are returning to normal.  Unfortunately, a forecast is nothing more than a guess.  Nevertheless, good news is always welcome.

Remember that every local real estate market is different and therefore it’s a mistake to make generalizations across different markets.  As this article points out, although there have been modest price increases in many areas, there have also been price declines as well (i.e. Long Island, NY) and Miami prices are forecasted to continue to decline.

The moral of the story is, do your homework and make sure you know your local market.