The NYT has a long and interesting article on the national housing market. Whether it’s on the way up or down, says the Times, depends on whether one believes housing is a luxury or a staple.
If you believe housing is more like a luxury good, then the market should return quicker than normal.
If you believe it’s more like a staple….well….we could be in the doldrums nationally for a while.
I, for one, tend to fall in the middle, and agree with the article last paragraph:
If you can imagine staying much longer than a few years, you should take some comfort in the fact that the bubble seems mostly deflated. Sometime soon, prices should begin rising again. They may not quite keep up with incomes, but they will probably outpace the price of food and clothing.
