Is that a bold statement? Yeah, probably. But I used very careful metrics to determine this. I am going to reveal it here because I trust that my readers can keep it secret. Ready?
Last night, my wife and I went to PF Chang’s for dinner. We were going to go Friday night, but it was over an hour wait, and I had an important poker game to host. So we decided to wait. When we showed up at the restaurant at around 7:30 last night, there was a 30 minute wait. Wall to wall, the place was packed. Stressed out servers were running back and forth to stay on top of things. Can you imagine? This is the huge PF Chang’s by Chandler mall. So this was the moment I knew. The recession is over! Gone are the days of you and one other family at a restaurant looking at each other awkwardly over your menus. We Americans can only control our spending for so long, and now it looks like the money is flowing again.
You can’t trust silly measurements like GDP growth/decline quarter of quarter. That takes too long. You read it here, folks!
Foreclosure prices close to bottom
ASU professor Karl Guntermann publishes a monthly Repeat Sales Index. In that, he shows that the median price of a foreclosure has declined 2% in December year-over-year. That compares 15% in October and 8% in November. It is for this reason that he has decided that prices have bottomed out. This data is very different than what we have seen with our own eyes. Generally speaking, it is much harder to buy properties below $150k today than it was a year ago. There is a lot of upward pressure at this price point and below because investors are cashflowing at these prices. One of my clients bought a house for $30,000. Today, there’s no way she gets it for less than $60,000. To read more about it, please visit http://www.azcentral.com/business/realestate/articles/2010/01/28/20100128biz-guntermann0128.html.
Hope you are right!! There is anecdotal evidence to suggest property prices in the Costa Blanca are stabilizing. A considerable number of our bargain properties have now been sold. We are not listing properties at these low prices right now! Well here’s hoping
As bold as it may seem, I think you’re probably right
… I think 2010 will be the start to full recovery from the recession.
Sometimes the so-called “experts” do not have their hand on the pulse.
All the best!
.-= Malta Real Estate´s last blog ..Jan 27, What’s On in Malta: Running out of things to do in Malta? =-.
I sure do hope the recession is over! Housing market in Austin has stayed pretty stable but it would be nice for a boom in sales right about now.
I know that at least as far as Sun City Grand sales go we are at an all time low for inventory and homes that are in great shape are going under contract in days. I think this is partly due to our Canadian neighbors jumping back into the game but all in all, I have to agree. Things are looking pretty good.
Good to hear the report! It does seem that renewed consumer spending is necessary for a recovery so I’m happy to hear positive news. It will be interesting to watch the spring real estate market with the push from the homebuyer credit.
Liz
.-= Cambridge Real Estate Agent´s last blog ..Arlington Real Estate Sales – January 2010 =-.
Its not a bold sentence only, its a very bold sentence, recession is not over the govt is trying to have an economic bubble to compel people to say such words.
I hope that the recession is over. Thanks for posting this!
.-= Salt Lake County´s last undefined ..If you register your site for free at =-.
. I think the recession is close to being over. I have half a dozen or so of close friends who are realtors and they insist the recession is over. However, I also took their advice a couple of months back and found myself my first home! And because of where I live, I won’t say, but the foreclosure rate is among the top 10 in the U.S. I got my home close to a 100K cheaper than what I should have. They are all saying how prices are going to start going back up and the best time to buy is before there’s a spike in increases.
I do believe your assumptions are correct!! The world economy has suffered for the past two years due to greed. I sincerely hope that measures are in place to ensure we maintain an honest economic position that permits a sustained share of wealth for everyone not just a select few.
Thanks for some wonderful comments and thoughtful writers!!!!
You know….you make some good points. When you have to wait for over an hour at places like PF Changs, shows me that folks are out spending money again. It is good to hear that the Tempe area is getting better.
We have not felt the recession in Austin, TX like the rest of the world. Thank goodness! We are still creating jobs here. I am very grateful to be here in Austin as a Realtor.
.-= Patti Simon´s last blog ..4803 Marblehead Dr, Austin, TX 78727 : $189,900 | Austin Real Estate MLS # 4205008 =-.