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Strategies & Market Trends : The Residential Real Estate Crash Index
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To: portage who wrote (353)8/28/2001 11:23:20 AM
From: TradeliteRead Replies (5) of 306849
 
The one single biggest factor driving up home prices in many areas of the country is simple supply vs. demand.

No one is magically going to create any more land. No one is magically going to create cheaper land where land is already scarce. So don't expect the prices of new or resale homes to come down that much in the future in heavily populated areas.

Meanwhile the huge baby boom generation's kids are either in or approaching home buying age and need places to live. Have you seen the stories about the overflowing freshman class at colleges around the country, and how college enrollment is expected to stay at current record levels or go higher for at least the next decade?

If unemployment increases, or incomes decrease due to the slowing economy, this will be reflected in home prices eventually...but in my metro area, unemployment is still at a record low of 2.8 percent and plenty of buyers are still having a hard time finding homes.
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