A Housing Bottom Is in View ... Maybe
The high-end housing market, principally those homes priced between $1 million and $3 million, is finally going through the process of price discovery as sellers capitulate to buyers' offers that are about 20% below year-ago levels. There are both positive and negative implications of this development.
Residential properties priced in excess of $1 million are traditionally the last to experience value reductions in a housing correction. Once that starts, it typically indicates the beginning of a secular bottoming process for home values nationally. What we have to determine is where the actual bottom for high-end prices will be and what this portends for housing and the overall economy....357 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.
There’s no substitute for a trading floor to get great ideas, so Jim Cramer created a better one at Real Money and blogs there exclusively. We then added legendary hedge fund manager, Doug Kass, with his exclusive Daily Diary and best investing ideas. Staffed with more than 4 dozen investing pros, money managers, journalists and analysts, Real Money Pro gives you a flood of opinions, analysis and actionable trading advice found nowhere else, and allows you to interact directly with each expert.
Already a Subscriber? Please login.
