This is a great article. I tend to lean toward a slower recovery for us locally in this market. The issue: lack of buyers coming in. There is less of a feeling of "need" to purchase a home because there is no longer the promise of a profitable "turn-around" or resale within a short period of time like there was before. When kids come out to Bozeman Montana and many of the other markets we deal in like Provo, Utah to go to college: parents are not counting on purchasing them a home to then sell in a few years when they graduate.
Home buyers are looking for a 10 year investment at this point. We don't have enough "basic business" to bring in the volume of professionals to sustain the market and actually absorb enough of the inventory FAST enough. (Remember that there are still a tremendous amount of homes in default and otherwise distressed properties in our area.)
Also: the "Bust" hit other markets much faster than ours...the recovery will work the same way.
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Chad Schauers
Montana Mortgage Lender, Bozeman, Montana
Personal Cell: 406 799 8613
Personal Email: metchad@gmail.com
