It’s Monday, and Twist is spending the day moving into her new digs in Austin, Texas. Interestingly, local agent Delilah Fuentes manages to sum up both the happy talk and the reality here in her Realty Times post:
The happy talk-
Though the Austin housing market is not as robust as it was in 2006, the area is still outperforming most U.S. markets. Yes, the tightening of credit has made it more difficult and more expensive for potential buyers to get entry-level and jumbo mortgages. And that has affected demand. However, Central Texas continues to experience healthy job growth, a steady stream of newcomers and relatively affordable prices.
CONCLUSION: Employment and population fundamentals are still in place, and this could be just a temporary slowdown and a great opportunity for buyers.
And the reality-
OCTOBER 2007 - HERE IS THE BOTTOM LINE:
Single Family Homes in Austin for the month of October 2007 versus October 2006.
Demand was down 15% based on units sold. (1772 units sold)
Supply went up 19% based on Active Listings (9431 Active Listings)
CONCLUSION: Prices are going down based on current demand and supply.
I’m hoping Doomers will bring even more reality to the party today by sharing links, comments and anecdotes while I try and figure out where to put my stuff and how to get the internet up and running. With a little luck and a lot of tech support, things should be more normal around here in a couple of days.
