A few additional thoughts on Housing:
1) The hottest markets are where foreclosures have driven prices down 50% or greater;
2) Inventory remains significantly elevated — its closer to 10 months than historic averages of 5-6 months;
3) Mortgage rates are at unusually low levels — despite this, sales remain generally soft;
4) Prices remain elevated by historic norms;
5) Big increase on the low end — Starter homes and Condos — are moving units; The middle and larger (jumbo mortgages) are a vast wasteland; But for the 16k increase in condo sales in the NorthEast, monthly sales would have been negative;
6) Indeed, on a NON-seasonally adjusted basis, [but for that 16k condo bump] National existing home sales were up a mere 12k units year over year.
7) Lots of “shadow” inventory is waiting to come on the market once prices improve; These were specs, vacation property, etc that got caught when the market collapsed — they are renting them out or they are vacant.
Finally, have this last look at the details of sales and inventory over the past 13 months:
Existing Homes Sales: Sales, Inventory, and Months Supply
Category: Real Estate
Please use the comments to demonstrate your own ignorance, unfamiliarity with empirical data and lack of respect for scientific knowledge. Be sure to create straw men and argue against things I have neither said nor implied. If you could repeat previously discredited memes or steer the conversation into irrelevant, off topic discussions, it would be appreciated. Lastly, kindly forgo all civility in your discourse . . . you are, after all, anonymous.