A dismal start to the spring season
It’s certainly not the kind of start to the traditional spring selling season that anybody would have wanted.
Back in January, I took a look at how 2009 might be shaping up for the housing market for the Globe’s Home’s section.
The outlook was hardly rosy, but there was a glimmer of hope that home prices might at least hit bottom after having spent two years in free-fall.
After all, the stock market appeared have regained some of its footing after the fall crash. Veteran financial services industry economist Nicholas Perna even suggested that the battered stock market might start turning around mid-year, boosting consumer confidence and helping lift the housing market.
My bet is Perna is right about the impact the stock market has on consumer confidence, and, by extension home sales.
The only problem is the stock market doesn’t look anywhere near hitting bottom and rebounding.
Instead, just as the spring season revs up, Wall Street is headed over the cliff, pedal to the medal.
In fact, this spring may wind up being the worst for home sales since the real estate market kicked into reverse back in 2006, an article in the Times suggests.
It points to the stunning statistic that 19 million homes and apartments across the country – one in seven – are now sitting vacant as the foreclosure crisis takes its toll.
It’s a sobering stat to say the least.
