The bubble-watch continues.
The number of homes available for sale has increased sharply in some of the nation’s hottest real-estate markets — one of several recent signs suggesting that air may be seeping out of the frenzied U.S. housing market.
In northern Virginia, an area dominated by the fast-growing suburbs of Washington, inventories are up 26% from a year earlier. “Sales have slowed down for sure,” says Tip Powers, president of Realty Direct Inc., Sterling, Va. He says home prices have flattened out and speculators are starting to shy away from the market because they no longer can count on quickly unloading properties at a profit.
Once the speculators slow down their purchases, I believe that market will slow … not pop or bust or (insert synonym here) but start to level off a bit. I will pull and post some local numbers shortly.