Word: marketeers
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Dates: during 2000-2009
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...western suburbs of Boise, Idaho - four- and five-year-old neighborhoods scattered among hay farms and potato fields - are no longer a favorite stomping ground of out-of-state speculators, no longer a surefire way to get rich in real estate. (See pictures of Boise's struggling housing market...
...there is discomfort in her voice too. Even though the Robertses represent one of the great forces working to bring the country's housing market back to health - nearly a third of home sales are now to first-time buyers, thanks to a federal tax credit and a glut of foreclosed and other cheap properties - they are constantly being reminded of how sick the rest of the system still is. The couple rattle off houses in their new neighborhood that are for sale by desperate, underwater owners. Through the Robertses' kitchen window, they can see tall weeds in the empty...
This, you might be asking, is the good news? Well, yes, it is, because a housing recovery isn't just about bottoming out on price. What is more important for a healthy market is that there be a prevailing logic or reason - rooted in local neighborhoods, in local economies - for houses to cost what they do. And that sort of logic, as illustrated by Boise, is reclaiming the housing market from coast to coast...
...what it was this time last year. As big employers such as HP and semiconductor maker Micron lay off thousands of workers, job losses cascade through other industries and small businesses. If people can't make their mortgage payments, foreclosure follows. Perverse as it sounds, that is the housing market working as it should. (See pictures of Americans in their homes...
Selling their old place still won't be easy. A smattering of opportunistic buyers - while a good start - doesn't unlock an entire market. Thanks to falling home prices, some 20% of mortgage holders nationwide owe more than their house is worth. Many of them are trapped, unable to move - to resettle in Boise, say, and buy the Judges' old house...