From the NBC report "Is the Housing Bubble Bursting"
The number of homes for sale is on the rise. ZipRealty reports the following increases compared to one year ago:
166 percent more in Los Angeles County
266 percent more in the Miami area
394 percent more in Phoenix
Bidding wars are being replaced by price cuts. ZipRealty reports the following sale price reductions:
28 percent of the homes in Los Angeles County
35 percent in Miami
38 percent in Phoenix
43 percent in Boston
After the inventory explosion, after the price drops, after people figure out builder incentives are actually price cuts, and after the NAR can no longer spin the numbers to their liking, Panic sets in.
We're almost there nationally, and we're sure there in Phoenix, Boston, San Diego and Miami.
May 27, 2006
Posted by blogger at 5/27/2006