Is The Market Getting Better? Is The News Lying To Us?

Luke Constantino | August 27, 2009

Watching the news has pretty much confused me. The say the national average on home sales has risen 4%, 6%, 9% depending on what channel you watch. I feel it's safe to say this because there are some sales going on nationwide, but not enough to be of any significance. I know there is going to be a second wave to this economic crisis coming soon, but I don't know when it will be.

There are three different price ranges when it comes to residential properties here in the NYC area: "LOW" being 650K and below, MID 650-975K and HIGH - 1MIL+. From what I am seeing, the only properties that are getting a majority of movement right now are the low range houses from first time home buyers. There are closings happening with the mid and high range ones, but it's not as noticeable. Businesses are still closing too, which tells me, like a thermometer, it's really not getting any better.

The second wave to this economic crisis is going to be home and business owners who have taken out loans to keep their businesses and homes afloat and cannot afford to pay them back. Does this mean business for me? Yes, but this is what I call "negative business". I pride myself on knowing people in my community, store owners and where to find milk at the best price. There's a certain rhythm to this city I feel has been disrupted by the downfall of the more than average amount of people here.