Tuesday, March 1, 2011
The Oracle From Omaha Speaks
Warren Buffet has announced that we've hit the bottom of the housing market - it's all going to get better now. (You can read the article here: http://timandjulieharris.com/2011/02/28/warren-buffett-predicts-housing-recovery-this-year-has-housing-hit-bottom/#comment-35393) Is he trying to create self-fulfilling prophesy? That might actually be effective coming from the Oracle of Omaha. Let's hope it's a prophesy that catches on. BUT - the National Association of Realtors, an organization that puts a great deal of effort into understanding real estate trends, is showing a decline in sales, at the same time Warren announces his increase. I am truly not a pessimist and would love for him to be right, but the forces needed to improve the market just are not there yet - namely JOB GROWTH, DECLINING UNEMPLOYMENTS STATS, and AN IMPROVING JOB MARKET that really FEELS like it's improving to the average person, whethere employed or seeking. My redundancy is intentional. It's the job market!