« previous   misc   next »

Existing Home Sales Take Biggest Fall in 40 Years


By onthefence5141   Follow   Mon, 25 Jan 2010, 6:03am PST   712 views   2 comments
Watch (0)   Share   Quote   Permalink   Like   Dislike  

 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."

Comments 1-2 of 2     Last »

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.

onthefence5141 is moderator of this thread.

Email

Username

Watch comments by email

home   top   share   link sharer   users   register   best of   about   questions or suggestions? write p@patrick.net