Will the economy save the housing market?

Economy may save housing market? Agree or disagree?

San Francisco -- Just when things looked awful for the real estate market: higher mortgage rates, high rates of foreclosures, oversupply, time on the market longer and a liquidity crunch -- something happened: a ROARING economy evidenced by 5 percent growth rates, strong consumer confidence and job growth. Rates are central to a thriving housing market, but nothing tops job growth. When people are employed, they buy houses.

Take San Francisco: lines at restaurants, traffic is backed-up, commercial office space is filled up and people are making money.
We call it the Google effect out here. But it is not just a SF phenom. I just left Dallas where the economy is on full throttle.

Who knows how long this will last but a friend at Cal Berkeley predicts a period of global prosperity as China and India lift all boats.
What do you think?
-- Bradley Inman
Inman News Service Blog
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