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Wave of Foreclosures Drives Prices Lower, Lures Buyers

Posted By Barry Ritholtz On May 23, 2008 @ 2:45 pm In Data Analysis,Financial Press,Real Estate | Comments Disabled

Hey, I thought that the glut of foreclosed homes had driven U.S. home prices down so much that buyers were jumping back into the market?

Didn’t I read that somewhere?

Oh, that’s right — that was actually an erroneous front page article in the WSJ [1]. It turned out the the February pop was just the ordinary seasonal pattern [2]

Oops, sorry, my bad — pardon the interruption . . .

Housing Prices Deflated

Prices_falling_2 [3]

Unsold Inventories Pile Up

Total_homes_for_sale_2 [4]

charts courtesy of Haver Analytics, Merrill Lynch


[5]

 


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Previously:
Existing Home Sales, Non Seasonally Adjusted, Explained
[2]  (March 2008)  http://bigpicture.typepad.com/comments/2008/03/existing-home-s.html

How Counter-Productive is Realtor Association Spin? [6]   (March 2008)   http://bigpicture.typepad.com/comments/2008/03/how-counter-pro.html

Wave of Foreclosures Drives Prices Lower, Lures Buyers [1]
Oversupply Triggers Lenders’ Fast Sales; Mr. English Bids
JAMES R. HAGERTY and KRIS HUDSON
WSJ March 25, 2008; Page A1
http://online.wsj.com/article/SB120640573882561087.html


Article printed from The Big Picture: http://www.ritholtz.com/blog

URL to article: http://www.ritholtz.com/blog/2008/05/wave-of-foreclosures-drives-prices-lower-lures-buyers/

URLs in this post:

[1] erroneous front page article in the WSJ: http://online.wsj.com/article/SB120640573882561087.html

[2] the ordinary seasonal pattern: http://bigpicture.typepad.com/comments/2008/03/existing-home-s.html

[3] Image: http://bigpicture.typepad.com/photos/uncategorized/2008/05/23/prices_falling_2.png

[4] Image: http://bigpicture.typepad.com/photos/uncategorized/2008/05/23/total_homes_for_sale_2.png

[5]
: http://bigpicture.typepad.com/.shared/image.html?/photos/uncategorized/2008/05/23/total_homes_for_sale.png

[6] How Counter-Productive is Realtor Association Spin?: http://bigpicture.typepad.com/comments/2008/03/how-counter-pro.html

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