Everything's fine. Housing is in a soft landing. There was no bubble. Now's a great time to buy! There's never been a drop in the US median home price. Housing is your best investment. Renting is throwing money away.
Remember the idiots who used to post such dribble on this blog? Meanwhile, if you bought a new home in the past couple of years, technically, on paper, you're probably bankrupt.
Hat-tip to Doom for the chart that's worth a million realtors on commission... Too bad we can't get real pricing information though. This report is 100% bullsh*t when it comes to that as they don't include the firesale incentives. Prices are probably down another 20% or more than we're hearing...
And I love the MSM reporting the 8.3% drop from LAST MONTH. Uh, MSM, you look at YEAR OVER YEAR in this business. Idiots.
WASHINGTON (AFP) — Sales of new US homes slid 8.3 percent in August to their lowest level in seven years, Commerce Department data showed Thursday in yet another sign of the troubles in the real estate market.
The report showed new-home sales at a seasonally adjusted annual pace of 795,000, worse than market expectations of a decline to a rate of 825,000.
The pace of new-home sales is down 21.2 percent from a year ago.
Also, the median sales price fell to 225,700 dollars, an 8.3 percent decline from the previous month and a level not seen since January 2005.
"This is just hideous," said Ian Shepherdson, chief economist at High Frequency Economics.