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it was 78 degrees in the US, expected to be 82 tomorrow…
By robertearl | November 14, 2007
Irony or Apropos?
Was it irony of just apropos that the National Association of Realtors was holding it annual convention and tradeshow in Las Vegas at the same time that a hotel was being imploded. An article in the Seattle Times Click here to view article draws a comparison to the two events, based upon the comments made by the Chief Economist of the Realtor Group, Lawrence Yun. Mr. Yun was named to the post on November 2, 2007. During the conference and expo it was announced that “A modest recovery for existing-home sales is expected in 2008 as the impact of the credit crunch subsides, while pending home sales indicate near-term stability” (This part did not get reported in the Times article.)
Yun’s comments have been reflected in the local market place for the past 12+ months, but being a national organization he is giving indication for the national market. That is the equivalent of the Weather Channel saying that it was 78 degrees in the United States yesterday, even though it only made it to 65 in our area. The local Northern Virginia Real Estate marketplace is not immune to the overall real estate issues. This is directly indicated by the number of Bank Owned / Foreclosures properties that have found their way onto the market.
Our latest real estate sales report showed over 12,000 homes for sale in Northern Virginia, with 4,805 sold in the past 90 days. While the number of sales is down from the previous years, it does indicate that buyers are still buying.
Topics: Northern Virginia Real Estate |