[mEDITate-OR:
pray, and believe?, what is not in fact true is true...
Almost all of the early reports today tell U.S. about the rise in home sales, but few tried to explain what the numbers really mean.
For example, almost none mentioned that home sellers of existing listed homes cut there prices more often and by larger price cuts that have been seen for months if not years. They do say that the "average" price for homed that sold rose. What they did not tell U.S. was in what price range those sales were from, nor how much those prices compared to similar homes in the same markets.
As the day, and story, developed, we are seeing some healthy analysis of what underlines and underlies these new sales numbers.
These are two of the better ones.
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Very good analysis, and the best and earliest of the charts. However, Danial, you might investigate whether or not the new high in listings is from banks/lenders listing more foreclosed homes to see if they would sell; OR, whether home owners, who have been unable or unwilling to sell at the depressed prices, suddenly decided to list there homes, again to see if they would sell.
In the sand states, there are many who have stayed out of the RE market, waiting to see if there was ANY assistance forthcoming. Now that they know there is not, they MAY decided to sell and take their loss, sell by short sale to minimize their loss, or even to simply walk away. Did that start to happen this month?
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Existing Home Sales Rise in April, But Inventory Soars
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Charts below may be cut off.
Go to article above to see full sized charts
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Charts below may be cut off.
Go to article above to see full sized charts
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[mEDITate-OR:
not notice that AP ran two stories about the April home sales numbers...
The first covered mainly what the numbers are.
This one covers what is most likely to occur next.
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Rising home sales likely to cool despite low rates
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