The Commerce Department reported this week that December sales of new one-family houses fell to a seasonally adjusted annual rate of 331,000, the lowest since data collection began in 1963. This sales rate was 14.7 percent below the revised November figure and 44.8 percent below the December 2007 estimate.
Some good news news from the report was a drop in the number of new homes for sale. The inventory of homes fell 10.1 percent to 357,000, the lowest since September 2003. San Diego real estate agents
Robert Shiller, he made his case 4 years ago for addressing housing prices, and warned that a dramatic fall in prices would lead to widespread systemic risk….read his wealth affect study….sucks to be right….
San Diego Realtor
Yes, too many single family homes were being built. That is the result of a production homebuilder’s business model. They can’t help themselves, they have to build a lot of homes to achieve economies of scale worthwhile enough to be a going concern. Very much like a virus, they take over the landscape.
TJ Dentist
I think that in the long run, everything will probably be okay. The government will save us.
>Riverside Attorney
Property prices are only beginning to tumble. They will stabilize when they finally hit or surpass equilibrium value as determined by their P/E Ratio.
Hoodia Gordonii