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Housing Peak? Existing House Sales Drop 2.5%, Down Year-Over-Year Second Month

By Patrick following x   2018 May 26, 9:49am 490 views   4 comments   watch   sfw   quote     share    


https://www.themaven.net/mishtalk/economics/housing-peak-existing-home-sales-drop-2-5-down-year-over-year-second-month-VTvj9G05PEaKYp5gai7GaQ/

It's looking increasingly likely that housing has peaked this cycle. Year-over-year sales are down the second month,

The Econoday economists missed the mark badly this month on existing home sales.

Single-family home sales fell 3.0%. Overall sales fell 2.5% for the month and were lower than even the lowest estimate.

Year-over-year sales are down 1.4%. Last month sales were down 1.2% year-over-year. Sales have pretty much stagnated since June of 2015!

Mortgage News Daily reports Existing Home Sales Reverse Course, Down 3%. ...

Reader Comment

"If I was a member of the National Association of Realtors, I'd ask for a refund based upon the salary paid to Lawrence Yun. He has made terrible predictions for years."

My Reply

You have to recognize Yun for what he is: an NAR mouthpiece. He likely serves the NAR well.
1   APOCALYPSEFUCKisShostikovitch   ignore (34)   2018 Aug 16, 9:50am   ↑ like (0)   ↓ dislike (0)   quote   flag        

IMPOSSIBLE!

NO! ONE! HAS! EVER! seen the price of a house fall.

A parking spot in Victorville will be worth 141x the GDP of Norway by this time next year.

Everyone knows that.
2   WookieMan   ignore (0)   2018 Aug 16, 10:02am   ↑ like (0)   ↓ dislike (0)   quote   flag        

At least in IL (Chicagoland) there hasn't really been any building in the historical sense. Sure high rises are being built in Chicago (most rentals) and some subdivisions finished up in the burbs, but it's been close to a 10 year drought in building here. A good chunk of that new building usually would have been sold now as existing homes. So that's one factor I suppose.

The size of homes has also changed the game in my opinion. Used to be that you'd get a starter home and then move up. Subdivisions over the last 20-30 years were all basically selling homes that are 2,400 sq. ft. plus around here. That's more than enough space for the average family. So outside of job movement, there's probably not a lot of motivation for people to move. They like their houses and their family fits.

I don't know about the coasts, but I don't see a peak here in the midwest. Could prices drop or stagnate? Sure. I can't foresee anything greater then say maybe 5-10% drop and that would be spread out over several years. Not a peak in my opinion, but time will tell.
3   Patrick   ignore (0)   2018 Aug 19, 2:20pm   ↑ like (0)   ↓ dislike (0)   quote   flag        

@APOCALYPSEFUCKisShostikovitch you might really enjoy this little gem:

https://adnauseam.io/

In addition to blocking ads so you don't see them, it actively goes out and clicks on all Google ads, etc just to mess with their statistics and cost them payments to advertisers.
4   BayArea   ignore (0)   2018 Aug 19, 2:22pm   ↑ like (0)   ↓ dislike (0)   quote   flag        

Patrick says
@APOCALYPSEFUCKisShostikovitch you might really enjoy this little gem:

https://adnauseam.io/

In addition to blocking ads so you don't see them, it actively goes out and clicks on all Google ads, etc just to mess with their statistics and cost them payments to advertisers.


Lol




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