Why aren’t presidential candidates talking about housing? So far the presidential candidates have talked about immigration, turmoil in the Middle East, Russia, China, gun control and job creation.
According to our chief economist, Johnathan Smoke, “It’s been a complete letdown that we’ve had three multi-hour debates with an army of people, and not one word has been mentioned about housing.” He went on to say, “That’s a testament to how some of these people are clueless as to the problems real people are facing.” Now that the foreclosure crisis is over, he said, people seem to think that housing is not as important anymore.
They just don’t get it...it’s a fact that housing is directly related to some of the budget issues facing America-and its future president. Housing has traditionally been an enormous driver of our economy. It accounts for approximately 18% of our gross domestic product; since the crash, it’s hovered around 15%. A more robust housing sector means a more robust economy.
Homeownership has been the only way that the middle class has been able to traditionally produce wealth. If I were to moderate the debate, I’d ask the candidates to articulate their opinion on homeownership and ask what they would do to support it. I can’t believe that anyone on either side of the aisle would say that homeownership is not important. It’s truly a bipartisan topic.
As I’ve mentioned many times, all real estate markets are local. What we see in California isn’t necessarily what they see in Nebraska. And the market in Big Bear may not be the same as San Diego.
However, supply and demand is key in any market and Big Bear is no exception. Today there are 604 homes on the market valley-wide. From the lows in March of 480 homes to our highs in August of 728 the Big Bear market is pretty balanced as a whole. Although sales are not quite as good as 2013, we should see 2015 come in at number 4 when looking back over the past decade.