“We’ve never seen inventory levels like this.”
“We need to fix affordability.”
Home sales are falling sharply, housing starts are falling sharply.
“We have the biggest supply of excess homes in US history”.
“Inventory levels aren’t going to clear out for a quarter or two”
“You’ve got to clear the inventory …”
I sometimes wonder why I watch CNBC.
Below are the inventory levels for single family homes in the Charlottesville MSA.
This week brings national housing numbers and consumer confidence data – the results and release of which may feed each other.
Below is a trend analysis of inventory levels in the Charlottesville/Central Virginia region, from 2004 (earliest available in the statistical analysis) through 2007. The trend lines are in sync, although significantly elevated.
“The real estate bust scenario is not like the tech bust scenario. I repeat, the wider housing market is not like the stock market. And why is that? Because people don’t live in stocks. …
So a widespread housing BUST in an environment of anything short of an ECONOMIC bust just does not make sense to me. And that’s the way it is.“
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When I hear “Bust” in relation to the housing market. I’m thinking about all those corporations that invested in subprimes might be getting hosed, the mortgage lending companies that hooked people on the idea of “you too can cash in on the hot hot housing market” easy loans, and the flippers that drove up the market artificially by their investing and speculation. Then I think of those people getting hosed. And that’s what I think if when I hear the words “Real Estate Bust.”
People don’t live in subprimes. 🙂