The National Association of Realtors said today that home resales rose 5.1% to an annual rate of 4.72 million, up from January’s figure of 4.49 million. Consensus expectations for February called for a drop, to around 4.45 million.
But according to the Wall Street Journal, the high number of distressed property sales are pushing prices lower. The median price for an existing home plunged 15.5% in February to $165,400. This is contributing to a vicious cycle of lower prices, higher inventory, and declining demand.
In fact, inventories of previously owned homes rose 5.2% at the end of last month to 3.8 million available for sale. At this pace, it would take 9.7 months to exhaust supply.
Hmmm, seems like we relived the 1929-1933 experience in just one year. Fast times indeed!Date: 3/23/2009 9:07:12 PM
Author: tradergirl
It was the existing home sales numbers that lit it off. I was going to short until I saw that than flipped to the other side. Never mind that all the transactions are bottom feeders buying cheap foreclosures. We won''t concern ourselves with details. Party on. Biggest 10 day rally since 1938.
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BeaconDate: 3/24/2009 1:26:20 AM
Author: Beacon
Hmmm, seems like we relived the 1929-1933 experience in just one year. Fast times indeed!Date: 3/23/2009 9:07:12 PM
Author: tradergirl
It was the existing home sales numbers that lit it off. I was going to short until I saw that than flipped to the other side. Never mind that all the transactions are bottom feeders buying cheap foreclosures. We won''t concern ourselves with details. Party on. Biggest 10 day rally since 1938.
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Remarkable day.
don''t do that,cuz the money that you buried will be worthless in a few yrs.Date: 3/28/2009 2:02:55 PM
Author: miraclesrule
I just wish I knew what to plunk this fat distribution money into without losing sleep. My first thought is to just bury the money is a place that only me and a few other can find it.![]()
that''s different than investing it in stocks or putting it in the bank in what way?Date: 3/28/2009 6:57:12 PM
Author: Dancing Fire
don''t do that,cuz the money that you buried will be worthless in a few yrs.Date: 3/28/2009 2:02:55 PM
Author: miraclesrule
I just wish I knew what to plunk this fat distribution money into without losing sleep. My first thought is to just bury the money is a place that only me and a few other can find it.![]()