After their recovery the prior 6 months, existing home sales for Feb fell by 9.6% to 4.88MM, far below expectations. These sales are now 2.8% below the year ago level, almost 33% below the Sep/05 record high. No doubt because of a still bloated inventory, prices are 2.7% below their year ago levels.
We are going nowhere on home prices until the inventory-to-sales balance improves and the number of distressed properties is reduced.
Robert Craven
We are going nowhere on home prices until the inventory-to-sales balance improves and the number of distressed properties is reduced.
Robert Craven
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