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Malcolm
2008 Jan 17, 7:34am
SP, I stand corrected, it very well could have been Yahoo and I mixed them up. I'm not certain.
skibum Says:
I like their headline: “Bay Area home sales drag along bottom"
At least another quarter of dragging along the bottom, then a couple of quarters of sliding down the back of the thigh, a quarter dragging along the back of the knee, maybe a quick run down the shin, then circle the ankles for another quarter.
Let me know when it is tickling the sole, I may start looking at a house to buy.
My favorite line is still there: "Indicators of market distress continue to move in different directions". An apt euphemism for stuff hitting the fan.
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Sale prices are always given as an absolute number, without context. The reality is that falling prices can be masked to some extent by a longer number of days on the market.
Getting $500,000 within a week of listing is not at all the same thing as getting $500,000 after having the house on the market for 2 years, yet both are recorded as the same price. Ultimately, you can pretend your house is worth whatever you want by letting days on market go to infinity -- just pulling it off the market. No one will buy it for your dream price, but you don't have to face the reality that it is not worth what you thought either. Assuming you can pay the mortgage.
Realtors know that increasing days on market proves that a house is not worth the asking price. That's why they commonly try to scam users by re-listing a house as if it just came on the market.
Patrick
#housing