Try not to look at nationality of the buyers okay? Try to look at employment and you will see the trend and it will make alot more sense to you. The MAJORITY of the buyers are people with strong 6 figure incomes. They are engineers… engineers… engineers… and a few more engineers. Sure there are some biotech and others there as well.
I will post some stats later tonite or this week. PQ has already come back to 05 price levels for detached homes. I would imagine some other like areas have as well.
As long as there are jobs there will be buyers. More jobs = MORE BUYERS.
********
I would suggest to those waiting for the downturn that you will need a few things to converge. First off you need rate hikes. Big and strong and not miniscule. You want inventory growth, foreclosures, short sales, regular sales, you want inventory to grow badly. You also want the end of subsidsies. No more fed credit, no state credit, no FHA, no 5% or 10% conventional loans etc…
Maybe that stuff happens. My bet is not for awhile. The govt and Wall Street have implemented the kick the can down the road strategy and they are getting pretty darn good at it. In another year we will be at 14k on the DOW and back to 06 prices! Wow everything is hunky dory. In fact the postings that various people make about all the homeowners being underwater and in distress will not amount to much if those homeowners simply stay in the home. This is pretty much what the govt AND the lenders want them to do. That keeps the shadow inventory in the shadow, the lender is backstopped by the taxpayer, and everyone keeps smiling as inventory continues to stay poor.
