The 10-Year Real Estate Cycle -- Interesting Information From RISMedia
First and foremost, all markets are cyclical. This is true of many places in the United States. A good example is Southern California. In 1960, 1970, 1980 and 1990, the real estate market was at it's lowest point. There was excessive housing inventory, foreclosures and short sales. In l994 the market stabilized from the 1990 downturn. Just as markets began to climb, the Northridge Earthquake hit. The resulting damage throughout Southern California, sent their real estate market into a downward plunge again. It took 3 years for the market to stabilize. The next upswing in the market began in 1998 and it peaked in 2005. Seven years into the 1998 cycle the present downward trend began.
Of course, the above is not evident in Texas at this time, and hopefully it won't be. We are feeling some of the downward trend effects that are happening nationally but on a much lower scale. Hallelujah for Texas.
Source: RISMedia/Skye |
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