As part of my efforts to stay on the leading edge of real estate news, in order that I can keep all of you in the Lake Oroville housing market informed, I subscribe to a number on-line real estate new organizations who regularly communicate with me through e-mail with the latest and greatest real estate info.
In an artice that just arrived in today’s communication from Inman News, I thought I was experiencing Deja Vu all over again. In fact, some of it sounded so familiar that I started to rack my brain as to where I had heard this kind of thing before. I looked high and low and still no hint. I looked inside and outside. I looked everywhere in the entire Lake Oroville real estate market area. But no luck remembering where I had heard it before.
So now my dear readers, I turn to you for help. Here, excerpted in part, (Click Here to see entire article) is what I read from the article written by Glen Roberts, Jr., entitled ” A slow-motion real estate recovery”. Maybe you can help me remember:
Mark Dotzour, chief economist for the Texas A&M Real Estate Center, said government stimuli have delayed recovery.
“We’re not in a ‘double dip’ in my mind,” said Dotzour — referring to some economists’ talk of a second dive into downturn after some signs of an economic rebound — “we just never hit bottom in the first place.”
The market essentially “fell off a cliff,” and the government’s “lifeline” of programs it throttled at the recession, among them the homebuyer tax credit programs, “Cash for Clunkers” auto program, loan mod programs and Federal Reserve’s purchase of Treasury debt, did not have the intended benefits.
The market “would have started coming back up to a year ago or so if we hadn’t had the federal intervention in the first place.”
The federal homebuyer tax credit programs appear to have been largely ineffective, essentially “stealing” sales forward that would have occurred at a later time. “We believe pretty strongly that we paid back every bit of that stimulus,” he said, with the slumping sales that followed expiration of the tax credits.
Hmm…..now where in the world have a I heard these type ideas before????? Wait……………..yes…………………..now I’m starting to remember………….Here is what I had read in the past. Continue reading