Can Canadian Home Buyer Traffic Take Up Some of the Slack in the Inventory of Homes for Sale?
Few buyers, more sellers and harder to get mortgages are severely hurting any potential recovery of the US housing market. In areas like Florida, Detroit, Southern California, Las Vegas, and Phoenix, the housing market is not getting any better, its getting worse, with more foreclosures on the way. Since fewer homes are selling, each home that goes onto the market; increases the supply and due to Economics 101, that lowers the prices. Unfortunately, the prices cannot go much lower because those who owe mortgages owe much more than the going average home sale price, thus, new homebuyers are taking their time and lowball bidding, and some home sellers are forced to do short-sales, while the entire real estate community, just shakes their head knowing 2008 will not be such a good year. Many real estate agents have indeed quit the business, many more are wondering how long they can hold out. Yes, it is true that some homes are selling but surely not enough. Luckily, the US Dollar is weak a
