by Diana Olick
Feb, 25th, the Realtors tried to argue that the housing market is “scratching the bottom,” or at least that’s what their chief economist Lawrence Yun said. Sorry Lawrence, as usual, I don’t buy it. Sure, sales were basically flat in January, down just 0.4 percent from December (although down 23.4 percent from a year ago), but far more telling of the market is the price and inventory numbers. Inventories continue to go up, now to a 10.3-month supply, which is, on a month’s supply basis, over 50 percent higher than a year ago. Prices are still down nationwide, and I got an interesting admission from the Realtors on that one today as well.
More on this story at http://truemarketindicator.blogspot.com/
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