Yes, folks, this is what a housing crash looks like. "Hitting bottom" as the corrupt David Lereah would have you believe? Nope. We're just getting started...
Home sales fall dramatically in California
Home sales in California fell 30.1 percent in August compared to a year earlier, the most dramatic annual decline since 1982, it was reported on Monday.
"We experienced the greatest year-to-year sales decline last month since August 1982, when sales fell 30.4 percent," said California Association of Realtors (CAR) President Vince Malta.
"This is another indication that we're in the initial stages of a long-anticipated adjustment in the market. Buyers today have a much greater selection of properties from which to choose, while some sellers are still clinging to price expectations that are no longer valid in today's market."
I also liked this quote today:
"Pop goes the housing bubble," said Joel Naroff, chief economist at Naroff Economic Advisors. He predicted prices will fall further as home sellers struggle with a record glut of unsold homes.
September 26, 2006
Posted by blogger at 9/26/2006