NAR reports that existing home sales edged up in November. I wonder if this is just seasonal or if we are seeing a bottoming for the real estate market. My gut tells me that we have flushed a lot of speculative buyers and sellers out of the market and that the people who are buying and selling now are the consumers who are truly in market. BUT the true test will be next spring to see if there is a further decline in home sales, since November and December are usually slow months. Year over year, I believe that the 2008 will be slower than the first half of 2007 due to the mortgage mess. Year over year comps for 2009 will probably look good.
Existing-Home Sales Edged Up In November, but Still Weak - WSJ.com
Any thoughts on the bottom of the market????
Happy New Year!
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