2009-03-27 — minyanville.com
"This week, 2 data points led optimistic market-watchers to declare the bottom in the housing is nigh: Indeed, one widely read trader-writer proclaimed, “The oversupply of housing that so plagues the market at present will be a figment of our memory a few months hence.†"
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DaveDuncan at 11:22 2009-03-28 said:
Of COURSE February sales were higher than those in January. In most of the country, real estate sales are highly seasonal. February sales are ALWAYS higher than in February. And yes, inventories are decreasing. But guess what? Sales are decreasing at a faster pace than inventory decreases. That means that the supply of homes per available buyer is increasing --- leading to a worsening real estate market. I live in Kansas City. February sales increased 20% from January. But February sales are 27% LOWER than February of 2008. Inventories are 15% lower in February 2009 vs. February 2008. If sales are down 27% year-over-year and inventories are down 15% year-over-year, guess what? The market here ain't improving. Permalinkadd a comment | go to forum thread
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