Did You Hear About the 14.1% Home Drop in the U.S in Today’s News?
So all over today’s news, it was reported that the U.S. housing market dropped 14.1% over last year. Well I am here to tell you that there is no such thing as a “U.S. housing market”. There are over 400 regional markets that all vary greatly depending on their local economy, jobs and business environment. Sure Detroit may be in the tank, but that doesn’t affect the market in Oklahoma City where the appreciation rate is 8% year in a very strong local economy. Or San Francisco where prices are rising over 3% per year in spite of the slowdown in the sales of units. I mean, my company just brought on the market a $6 million plus firehouse in a middle class neighborhood that is done to the “nines” with every available amenity imaginable! No, each market is very distinct and unique, so someone tell the media to stop scaring people by inappropriately lumping the various markets together.