Big Picture gives the quick rundown:
Unit sales dropped 8% in September; this is the lowest level in eight years;
• Sales of existing homes were down 19.1% year over year;
• Sales of existing homes fell to a seasonally adjusted annual rate of 5.04 million;
• Inventories of single-family rose to a 20-year high;
• Sales fell in all four regions.
• Median sales price for homes and condos was $211,700, down 4.2% in the past year.
• Median sales prices have fallen in 13 of the past 14 months, pressured by a decline in jumbo mortgage lending (> $417,000).
Some are now pressuring the Fed to drop its rate to 3.75% by mid-2008 (read: Lehmann Bros.)
S'pose the "Free Markets" people are going to advocate just letting the market adjust housing prices downward for the next 5 years?
My Libertarian/Wacko Chicago attorney-commenter may or may not. Depends on if he owns a home which is, ah, leveraged...
Well, if one is over-extended, it's hard to be impartial, eh?
ReplyDeleteAs for me, I'd like to take a moment to thank the McMansion pushers and their marks, as my dollar has never been worth less. I'd rather not have to pay more for someone else's avarice, as mine is expensive enough.