Housing has been slowly recovering from its post-2007 collapse. Some estimates say Americans collectively are about $1 trillion richer than they were at the bottom of the market. While the big picture is interesting, some more local news also is interesting.
There still are a lot of homeowners who are underwater (they owe more than they homes are worth), and it seems the highest number of those are in Chicago, according to Zillow. It estimates that over a quarter million homes have negative equity even after the strong recovery.
Other localities are trying new things with real estate. In Connecticut, localities are banning “for sale” signs in front of homes. Arguments for the bans are that the signs are unattractive and they’re unnecessary because of all the online listings. But its curious that the bans are occurring in areas with weak housing markets because more people want to leave the areas than move into them.
The New Canaan Board of Realtors voted in favor of the ban, saying prospective home buyers aren’t driving around town anymore. Instead, they’re researching online.
“Most people recognize they’re not really contributing to the sale of the home,” said Joe Scozzafava, a realtor at William Raveis. “With the buyers that we’re dealing with, who are mostly millennials, who are very tech-savvy.”
The board also said the signs take away from the beauty of New Canaan and the rest of Connecticut.