As markets are decelerating, there is an anxious face-off between sellers and buyers of real capital assets as expectations of big profits fade away just as well.In economic terms, the slowdown that we are witnessing today in many real estate markets is actually welcome news since allowing the economy to cool off through a reversal of real capital appreciation while at the same time allowing real wages to catch up is exactly the tonic needed to consolidate market wealth achieved thus far, eliminate the ‘froth’ by reducing speculation and, in ultimate analysis, keep bubbles away.But then, of course, not all of us are economists – at least not my own clients.The house party had to end eventually, even if many sellers still refuse to believe it. In fact many sellers remain defiant to the point of delusion, demanding one more drink at the housing bar. ‘Stickiness’ is a noun used in Economics to describe a situation in which a variable is resistant to change. Price stickiness, therefore, reflects the fact that asking prices of interests in land remain high and even increase at a time when demand lowers.Sales of existing homes, both new and resale, are down 7 percent and… Read full this story
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