Westchester attorney Lisa Fantino wishes pundits would stop playing with the housing crisis

They’re up – they’re down.  It’s getting better – it’s getting worse.  Who is right about the housing crisis?  Personally, I think everyone should end the chatter and hunker down to what really matters, putting people back to work and making sure they have food on the table.

I am so tired of the media pundits and political and economic analysts who jump all over recent housing figures to say the market is finally turning around.  In June, new home sales rose 11%, the largest jump in nearly nine years and sales have risen for three straight months.

Okay, people…..wake up and smell the sawdust – this is the traditional home-buying season in this country, when the kids are out of school and parents are eager to get into a new home before September.  Perhaps we are seeing the biggest jump in new home sales because the prices are now much lower and closer to realistic affordability for middle America.

Yet, what the pundits are downplaying is that while new home sales are rising, foreclosures are also increasing.  According to the RealtyTrac monthly report, the number of foreclosures in June rose 4.57% from a month earlier and 1.9 million foreclosure filings occurred during the first half of this year, a whopping 9% jump from the last six months of 2008.  I don’t know.  Call me ignorant, but does that sound like the housing crisis is getting better?

Nevada is the state that has been hit the hardest with one in every 16 households hit by foreclosure, while Vermont is on the opposite end of the spectrum with only one in every 8,898 homes affected.  So here’s my quick analysis: if you’re a gambling man, move to Nevada and if you want a sure bet, try house-hunting in Vermont.  As for the rest of the country, stop listening to the hot-air bags in the media and know that when the groundhog sticks his head out and sees his shadow, all will be right with the world…………oh, wait, that’s spring, isn’t it?

Advertisements