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Housing market "better positioned for a turnaround"
Friday, May 23, 2008
The National Association of Realtors reported lower sales volume, higher inventory, and a year-over-year price decline of 8.0 percent but maintained that the housing market is "better positioned for a turnaround".
As long as sales continue to decline, inventory continues to grow, and prices continue to tumble, the "positioning" should continue to get even better in the months ahead. In fact, you might say that the "positioning for a turnaround" has improved almost every month for more than two years now.
We just might reach optimal "positioning" sometime next year.
The realtors' trade group reported a one percent decline in the sales of existing homes from March to April, a 17.5 percent decline from year ago levels. Inventory now stands at an all-time high of 11.2 months and the median sales price has fallen from $219,900 last year at this time to $202,300.
"It's a great time to buy or sell a home"
5 comments:
I didn't see this until I was done with this post - Existing Homes Sales Fall; NAR seeks a PhD in Absurdism - but Barry apparently had the same convulsive reaction to the "better positioned for a turnaround" statement from the NAR.
I think by definition every time aggregate home prices fall the market is, "better positioned for a turnaround"! Of course that doesn't mean for a moment that said turnaround will occur!
These guys have no shame. Hasn't their blind optimism led enough people into foreclosure already?
At what point would the meekest, kindest Buddhist monk agree that all members of th NAR should be burned to death at the stake?
I think that point has passed.
CFC?
Is that Countrywide Financial Corp.?
Or, Centucky Fried Chicken?
Or, are they one and the same?
Just curious.
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