Monday, March 05, 2007
Is That a Popping Sound I Hear?
Check out Bubble Meter, "a blog dedicated to the premise that there is a Housing Bubble in many locales in the USA." While the blog attempts to be national in scope, it focuses specifically on the Washington DC Metro Area. Even more interesting is its list of links to regional sites that focus on the possible pop in the housing markets said to be overdue. Neither Tennessee nor Nashville are listed, yet, although I would bet that there are bloggers here trained on the bubble.
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I keep one eye on the housing market, mostly because my (and hubby's) business is in construction. The market in Knoxville, has been weird, to say the least. Some of the big developers, like LandView and Saddlebrook are still building, although they seemed to have slowed from two years ago. Smaller developers have been cutting back on projects for the past 6 months or so. Banks are balking at housing projects not moving fast enough and thus are limiting monies to developers (mostly small developers).
ReplyDeleteSome of the people I know in the mortgage industry have seen a tremendous slow-down, yet some are still busy. It seems to depend on where in Knoxville people are buying or if they are refinancing. Of course, this is all anecdotal.
then throw in the foreclosure rates. Memphis had been in the top 10 areas with high amounts of foreclosures, but have slowly dropped in the rankings for the number of foreclosures.
I've always felt that the housing industry and commercial construction industry in Knoxville was always an anomaly. It hasn't always followed national trends (at least since I've lived here). So, when there is a bursting housing bubble nation-wide, we sort of just have a fizzle.