I'm going to stay on this reporter until she writes one story without using realtor or builder unchecked quotes. One story that doesn't look like the business department at the homebuilder-sponsored Arizona Republic authorized it. One story when she reports the true conditions on the ground, like that great Boston Herald story the other day. One story without a realtor saying "housing is still a great investment, but we're just in a soft patch - buy buy buy!"
My additions to her blog entry (in parentheses)...
(All my buddies in) the housing industry was hopeful that June would be the comeback month for home sales. It wasn't. (oh crap, there goes our advertisers, and maybe even my job)
Used home sales feel to 5,460 last month, according to a report from Arizona State University's Arizona Real Estate Center released today. That's the slowest June for home sales since 2000. In May, 6,870 existing homes changed hands. (and boy, do those 5,460 buyers feel stupid today, having lost money every day they lived in their new home)
sales of May 2006Year-to-date the Valley's resale market is of course behind 2005's wildly high level. ("wildly high" of course at the top of the epic Ponzi scheme called Phoenix)
But now its fallen below the more normal level of sales from 2004 back to 2003's much slower pace. Market watchers are hopeful this is the bottom.
("Market Watchers" in this case being all my buddies in the corrupt real estate industrial complex - because a market watcher like HousingPanic thinks the freefall is just getting started. Market watchers like all those would-be buyers think housing is depreciating, thus they're not buying, until we're closer to the bottom. Heck, everyone watching this market knows for damn sure we're nowhere close to a bottom. Oh, crap, I should really sell my home. Peace out.)
July 13, 2006
Posted by blogger at 7/13/2006