SHELLY said:
These numbers are based on local interest rates and INCOME LEVELS for the area.
If these numbers are based on local income levels, wouldn't they be a bit off since many of these areas have large popultions of 2nd home owners whose income is not included in the calculations? Or for that matter people who are retired and may not have large incomes?
What this means is that based on the cost of housing compared to the income level of the area's "average worker (read school teacher, cop, firefigher)" the houses are WAY overpriced and judged too expensive for the "average worker" to purchase.
It doesn't matter whether the cost of area housing was driven up by "investulators," blue-hairs, Paris Hilton, or a granite countertop shortage...the fact remains that it is a dangerous financial stretch for "average workers" to purchase a residence in the Panhandle
at this point in time and at these prices. Either wages must go up or housing prices must come down or a little of both. Until that happens, the resale housing inventory will continue to grow (BTW Joe...what's Walton's January stats?? ;-) )
So this summer when visitors get sloppy service (or no service) and stressed out Assistant Managers are working the grill, wiping down tables, and cleaning the toilets--you'll know why. ;-)