Why would pricing on houses fall? Inventory is still limited. If nothing is being built, would only increase prices on what is available. In places like San Francisco companies now have a few more options to select from, but the pricing hasn’t dipped due to the inventory still being limited. House pricing doesn’t show how many people are employed or give the number of construction projects going on or indicate retail sales - or even how people are spending their money. Data is being accumulated in these times in even greater mass. The amount of daily reporting employees do has at least tripled in most companies we deal with.
You honestly should stop. My company has government contacts and our meeting are based off direct info provided from municipalities- including the two largest builders. The builders are actually cities (they are that large) that build in other cities and throughout the state. We are in a recession and it is going to last past the 11 months it usually takes to get out of it. Our economy fell 34%. A market correction is typically between 10-20%. A market correction usually takes 4mos to recover from on average. A Bear market, which we were in, takes 4.2 years to recover from. We did it in 148 days. So you say that proves your point, it doesn’t because of the recesssion. It can even double dip. American Airlines is laying off 40,000 people by Oct 1st. Other airlines are laying off people as well. CDC just protected people from being evicted. Awesome, but there is no mechanism in place to help compensate the landlords. So many of these property owners are going to have to foreclose. How many? We don’t know, but that all effects things such as Tenant Improvement Projects, Remodels and new construction. That affects jobs and spending. Add the fact that only about 10% of all Americans are financially stable and it’s a real recipe for hurt. Call these companies in these markets up and say you are a blogger or reporter. The majority will say, they just want this year to be over. You obviously have not sat in meetings where admins of companies have swallowed all pride and humbly asked for everyone in the room to help as much as they can. Not for them, but so they they can save everyone’s job.