Supply is still a Big Negative for House Prices
Some visitors to Financial Armageddon might be aware that I sometimes write material and produce graphs for other bloggers and websites. One of the sites I have contributed to -- as an occasional guest on its weekly internet radio show and as a writer/commentator -- is Financial Sense Online, which also happens to be a favorite of mine. Below is a snippet from today's "WrapUp," a daily feature that highlights a varying assortment of fundamental or technical developments and also provides a brief overview of the day's market action.
According to the National Association of Realtors, the median sales price of a previously-owned home fell in August by a record 9.5% from year-ago levels. Meanwhile, the number of homes on the market equaled 10.4 months worth of supply (based on the current sales pace), not far below the record 11.2 level seen in April and more than twice this decade's 4.7-month median. Given the hefty supply overhang (and the fact that winter is fast approaching), odds are that home prices will continue to slip-slide lower in the months ahead.
Click here to read the rest.
Yes. Its true. (News from Bloomberg)
The real question is, who is copying who?
Kazakhstan Plans Paulson Style Bailout: Borat? (http://benbittrolff.blogspot.com/2008/09/kazakhstan-plans-paulson-style-bailout.html)
Posted by: TheFinancialNinja | September 24, 2008 at 08:28 PM