Considering the foreclosure mess and everything else, the third straight month of increase in the sale of existing homes is actually reasonable news. But the Inventory of existing homes remains high.
Sales jump 10 percent in Sept. for existing homes…
Washington Post
By Dina ElBoghdady
October 25, 2010Sales of previously occupied homes are bouncing back from their anemic levels last summer, but the gains may not be sustainable if the abrupt halt in foreclosures in some states drags out and pulls down future sales. In September, sales of existing homes jumped 10 percent from the previous month to a seasonally adjusted rate of 4.53 million, the National Association of Realtors reported Monday. Sales are down about 19 percent from the same time a year earlier.
Buying activity rose in every region of the country from August to September, led by a 14.5 percent increase in the Midwest. Sales jumped for all housing types, including single-family homes, condominiums and townhouses, the group reported. But the national median price for existing homes fell 2.4 percent from a year ago to $171,700 in September…
Housing remains the eye of the storm. And no one knows how a "housing bubble" plays out, because we’ve never had one, at least nothing like this. Looking at the median and average selling prices, it looks to me like people are still trying to get pre-burst value, or at least close. I don’t blame them. I think I would too. But I wonder if the holding on is getting in the way. A "housing bubble" is a nasty thing…
Says the poet:
And miles to go before I sleep…
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