"These days, hammering a For Sale sign in the front yard of a home must feel a bit like driving a stake into the rotting corpse of a vampire; fear mixed with incredulity and the foggy notion that this unnatural gesture may not, in fact, work. And so we get headlines like those streaming across the wires this morning: "Existing US Home Sales Up 3.1 Percent in July." That's good, but only until nightfall. Then the bad craziness begins all over again.
Yes, sales rebounded in July from a 10-year low, but the median priced dropped 7.1% nationally and, worse, the number of homes entering the market hit a record. There were a record 4.67 million unsold houses and condos on the market in July, representing 11.2 month's supply at the current sales pace, the highest ever, according to the National Association of Realtors."
Kevin Depew, Executive Editor of Minyanville.com, August 25, 2008
August 26, 2008
Posted by blogger at 8/26/2008