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?
Oops, sorry, my bad — pardon the interruption . . .
Housing Prices Deflated
Unsold Inventories Pile Up
charts courtesy of Haver Analytics, Merrill Lynch
Existing Home Sales, Non Seasonally Adjusted, Explained (March 2008) http://bigpicture.typepad.com/comments/2008/03/existing-home-s.html
How Counter-Productive is Realtor Association Spin? (March 2008) http://bigpicture.typepad.com/comments/2008/03/how-counter-pro.html
Wave of Foreclosures Drives Prices Lower, Lures Buyers
Oversupply Triggers Lenders’ Fast Sales; Mr. English Bids
JAMES R. HAGERTY and KRIS HUDSON
WSJ March 25, 2008; Page A1
Quite a while ago, I had an interesting conversation with a smart fundie manager. We had opposing views about many things. In particular, we disagreed upon was the value of (non-price) sentiment indicators. His argument was that when stocks get cheap enough — as reflected in their Prices, P/Es and cash flow measures — other…Read More
Since we get existing home sales later today:
James Galbraith, an economics professor at the University of Texas,
talks with Bloomberg’s Matt Miller from Austin, Texas, about the
outlook for the U.S. economy and the challenges facing the next
president, the impact of Federal Reserve monetary policy on inflation,
and the state of the U.S. housing market.
click for video
James Galbraith Says Housing Problem to Last `Long Time’
Bloomberg, May 16 2008