Alexis Leondis writes in Bloomberg that home prices may be declining in San Jose and Austin, but buyers looking in other markets won’t see much of a discount…(Bloomberg)
“Inventory is just too tight. Homebuilders haven’t built many new houses and many existing homeowners don’t want to sell and trade their low mortgage rates for higher ones.
Nor are homeowners being forced to sell as they were in 2008. Just 1% of realtors said they were working with distressed sellers, according to a recent survey by the National Association of Realtors. That compares with 49% of realtors who were doing so in 2009.”