NO ONE REALLY KNOWS
Housing has hit bottom, says economist one. Housing will hit bottom this summer, says economist two. Housing won't hit bottom until 2010, says economist three. Some liken housing data to the weather: If you don't like today's statistics, wait until tomorrow. The "facts" will change. Here are some mixed signals:
· The Federal Housing Finance Agency, which regulates Fannie Mae and Freddie Mac, reported that home prices rose 0.7 percent from January to February 2009.
· The February 2009 RPX Monthly Housing Market Report said home sales increased month-over-month in 22 of 25 key metropolitan statistical areas and 13 of these areas posted the largest gain in February 2009 since 2006.
· The National of Association of Realtors® reported that existing home sales dropped in March 2009, and median prices fell 12 percent from a year earlier.
• First American CoreLogic announced that national housing prices declined 12.2 percent in February from a year earlier and have been in decline for 24 straight months. It predicted that home prices would continue to decline through 2010.
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The day you see employment numbers flatten, get on the phone and scream....... Housing sales are a bit meaningless right now as most are foreclosure sales and do not represent a true buyer-seller market. We could easily see another downfall. Watch those employment numbers like a hawk.