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Existing Home Sales Take Biggest Fall in 40 Years


By onthefence5141   Follow   Mon, 25 Jan 2010, 6:03am PST   691 views   2 comments
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 By Renae Merle

Washington Post Staff Writer
Monday, January 25, 2010; 3:11 PM

http://www.washingtonpost.com/wp-dyn/content/article/2010/01/25/AR2010012502164.html?hpid=moreheadlines

Here is the spin from NAR: "It's significant that home sales remain above year-ago levels," said Lawrence Yun, the group's chief economist. "By early summer the overall market should benefit from [a] more balanced inventory, and sales are on track to rise again in 2010."

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knewbetter   Mon, 25 Jan 2010, 8:56am PST   Share   Quote   Permalink   Like   Dislike     Comment 1

Well that settles it. Now's the time to buy.

¥   Mon, 25 Jan 2010, 10:38am PST   Share   Quote   Permalink   Like   Dislike     Comment 2

"If interest rates rise this year, it could make a home purchase too expensive for some buyers, analysts have said."

AAAAAAAAAAAARGH.

Prices rise & fall on "affordability". You cannot price people out of homes, especially now that so much of the market is underwater already. The only thing pushing people to buy at a higher price will be higher rents, and of course the buy-vs-rent ratio is still somewhat out of whack (though thanks to 4% interest rates, not too bad in most places).

Also note the zero mention of new construction, or the 2010-2011 peak Alt-A reset wave coming upon us.

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