Housing News You Can Use
Things continue to be a tad rough out there in the real estate backwaters. Greece is still leading the way in EU financial mayhem and loans are tough to get. For those of us in the biz we constantly search the horizons for a glimmer of positive news. And today I found that there is good news on Housing – the Case Shiller 20-City Home Price Index rose 0.7% from March to April – the first monthly rise in 8 months.
Unfortunately, good news is still overshadowed by bad news. With that said, home prices were down 4% year over year and 33% off from the highs. Local real estate news shows King Co. reports a median home price drop of 8.4% from a year ago May. The persistently high unemployment is weighing on the housing recovery, but we do expect more improvement for housing during the second half of 2011.
The only notable prevailing good news is that we can drink unlike the depression when prohibition was in place. My wine recommendation for this latest breaking real estate news is something big, bold and courageous! Perhaps a Morrison Lane Cellars Carmenere, or the Italian Stallion Barbera like Forgeron Cellars 2007 Barbera, or how about a strong Spanish blend with a huge dose of Tempranillo like Pomum Cellars 2008 Tinto. And maybe I error completely by recommending only Washington wines. An infusion into the Greek economy by wine would probably be the most appropriate recommendation I can make at this time. Buy Greek wine save the world…. Cheers!