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June 25, 2007

Today's Housing Bubble Post - Slowwwww!

-- by Dave Johnson

Slow sales, prices keep dropping.

Home Sales Hit Slowest Pace in 4 Years: Financial News,

Reflecting further housing troubles, sales of existing homes fell in May to the lowest level in four years while the median home price dropped for a record 10th consecutive month.

... The median price of a home sold last month dropped to $223,700, down 2.1 percent from a year ago. It marked the 10th straight price decline compared with a year ago, the longest stretch of weakness on record.

I noticed this weekend that MANY more "For Sale" signs are out in the Bay Area than before.

Update - My observation is confirmed: Housing inventory piling up: Inventory of homes for sale hits 15-year high,

The inventory of previously owned homes up for sale in May rose to the highest level in relation to sales in 15 years, a real-estate trade group said Monday.

... Inventories of homes on the market rose by 5% to a record 4.43 million, representing an 8.9-month supply at the May sales pace. That's the biggest overhang of inventory since June 1992, at the tail end of the last housing bust.
The inventory figure compared with 8.4 months in April and 7.4 months in March.

Posted by Dave Johnson at June 25, 2007 9:06 AM

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