Whew, it really would've sucked if house prices fell back their historic trendline, as gravity dictated they would. It really would've been bad if the housing price to income ratio had to make sense again. It would have been terrible if 50% of the nation's realtors, who are no longer needed, had to find new work.
Man, I'm glad that short-lived housing crash is over now in the US.
Everyone, party on! Go buy houses today, no matter what the price. The good times are here again!
The corrupt David Lereah told you so.
David Lereah, NAR’s chief economist, said modest gains are expected for home sales. “As the housing market recovers from its correction, existing-home sales should be rising gradually during 2007 – it looks like we may have reached the low point for the current cycle in September,” he said. “We’ve entered a more sustainable period of home sales now, and we expect greater support for prices over time as inventory levels are eventually drawn down.”
The slight increases in sales were not enough to halt a slide in home prices. The median price for an existing home sold in November dropped to $218,000, down 3.1 percent from the price a year ago. It was the first time on record that sales prices compared to a year ago have fallen for four straight months.
December 28, 2006
FLASH: The corrupt David Lereah declares housing crash over, we've hit bottom, it's up up and away from here!
Posted by blogger at 12/28/2006