Posted: 06 Feb 2013 04:00 AM PST
–Rand Sperry, CEO Sperry commercial real estate franchisor in Irvine (Jonathan Lansner and Jeff Collins, “For 2013, 13 less obvious keys to market,” The Orange County Register)
So what is happening with the single-family home in the Irvine real estate market? As shown a recent Altos Research graph for Irvine’s single-family housing market, the single-family housing market is on the upswing in Irvine (as well as in most of Orange County). Note the sharp upswing in this recent Altos Market Action Index (MAI) graph for Irvine. So it’s all good, right? According to Joel Kotkin, Distinguished Presidential Fellow in Urban Futures at Chapman University, not necessarily:
–Joel Kotkin (“Here we go again? Reinflating California housing values good for owners and governments, bad for middle, working classes, whose incomes haven’t kept up.” The Orange County Register)
Here are some points that Kotkin uses to back up his claim:
Kotkin continues his commentary by giving his solutions to the problem. Room for discussion on these solutions exists. But before we get to that, what do you think about his basic premise? Is this upswing in housing sales and prices a good thing? Or is it profiting a select few while putting the middle class at a disadvantage? Are we heading for another bubble?
*The Altos Research Market Action Index measures the strength of a housing market.
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