August 26, 2008

This sums up last month's NAR Used Home Sales report nicely


"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

7 comments:

Anonymous said...

"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"

Poetry, pure and simple.

Bonus Points:
above quote plus: especially when the Nascar ballcap wearing, obese nose-picking jerkoffs who lived in the rented from-the-bank, no down, no doc shack are standing defiantly in the yard with the copper piping from the house under their arms and their multiple fat diabetic offspring crying with diapers soiled, hollering "we were victims" as they walk (SUV repo'ed last week, no credit cards) to the homeless shelter, their new home for a free handout and hot meal.

THIS is the American Way.

Vote for John McCain. He will help you. Maybe let you stay in one of his 7 homes..


Bwa hahahaha

Depression of 2008 -2009.
Get into it.

Fuck Bushco and Cheneyburton.
High Crimes and Misdemeanors

Anonymous said...

The uptick in sales has to do with the typical uptick that we get every year at this time. Some folks can no longer stand to live in those shoebox apartments. This is not a recovery nor should it be lauded as such. If you are buying a home now be prepared to hold on to it for at least 5 years. There will be no appreciation to cover the costs of purchase until we have much less inventory. Expect prices to continue to depreciate until we have a "TRUE" 8 months or less of inventory. Some areas are saying they have a decling inventory but that does not take into account the homes that are in legal foreclosure limbo and not on the market. Yes I am a Realtor

Anonymous said...

.

What the F!

Every time you turn around a report comes out stating the worst is over.

Then within a day another report on a crashing housing market or a crashing economy!

Make up your minds!

You either is or you ain't


.

Anonymous said...

remember,

If one more house is sold over the last month, just one, they will play it up as a Huge increase in sales.

Well, I guess that if you only sold one last month, then two would be doubling of your sales!

.

keyser soze said...

Bela scared the shat out of me as a youngster. I slept with my covers over my neck until I was about.....25 years old.

Anonymous said...

"...a "TRUE" 8 months or less of inventory..."

Hard to tell which way to lean on that.

One one hand we have reports here and there of banks sitting on MASSIVE REO inventory...

Then on the other we learn of widespread collateral fraud in the pools; one property represented in multiple mortgages.

Either way or right in the middle; it doesn't bode well.

Lee said...

"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..."
Until the banks dump the shadow inventory at the end of this year, when that stock will rise 50% or more.