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November 28, 2006

Today's Housing Bubble Post - Prices Tumble

-- by Dave Johnson

Existing home prices tumble despite sales uptick,

Nationwide existing home sales rebounded last month but the median sales price took its biggest year-over-year decline in nearly four decades, according to real estate figures released today.

\... The modest rebound in sales may indicate that the nationwide housing slow down might be bottoming out — but any noticeable relief for sellers probably won't come until next year, according to some housing observers.

... But other economists say a turnaround is still far away, with many signs pointing to a buyer's market for some time to come. For example, the inventory of unsold homes, increased 1.9% in October to 3.85 million existing homes.

Posted by Dave Johnson at November 28, 2006 3:48 PM

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