Someone try to figure out how many homes are really unwanted and for sale in the US today.
'Cause it's not just the record 4.58 million the NAR reports, it's the investor-owned units being rented out "until the market settles", it's the foreclosures and pre-foreclosures, it's the new homes, it's the spec homes, it's the cancelled contracts returned to market, it's the homes and condos still being built, it's the FSBO and Craigslist homes, and it's all the homes buyers have pulled off the MLS for now waiting to go back on.
It's millions. Millions and millions and millions. And like kudzu or tribbles, they just keep coming.
So, my question: Can you imagine trying to sell a home in this environment? And especially at 2005 or 2006 prices?
Get a grip folks. If you want to move your unwanted home, you're gonna have to slash the price. Just ask the folks at Hovnanian.
Classic mania. Classic crash. And now there's all this inventory that nobody wants and nobody wants to admit to themselves what its true value is.
Damn, this is gonna end ugly.