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Existing home sales... rise!?

Don't get too excited. It's foreclosure sales that are driving the results.

But is it possible that inventory levels are peaking? Please say it's so...

Existing Home Sales 03-23-2009

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Posted by Spencer Rascoff on 03/23/2009 11:42 AM

Comments (5)

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5 Comments on Existing home sales... rise!?

MAR

Spencer...yeah, let's say it's so....the foreclosure deals are amazing in south Florida...!

inventory is the key, will it explode this spring? if we can chip away at this we will be ok.

Foreclosure or no, it's still a sale and every sale takes one more property out of inventory and helps move the market along. I say, a sale is a sale where it comes from really doesn't matter.

Great point June.

Inventory is the key. My big concern is what I call "shadow inventory" -- the idea that there are probably a lot of houses sitting on the sidelines waiting to come on the market as soon as the homeowner senses an improved climate. That might create another flood of inventory which will soak up demand. Let's hope I'm wrong.

Spencer: We're all looking for that magic pill. Although activity has increased I agree with you. I expect inventory to remain high, especially in our area. Recovery may start next year. At that point, we'll be ready for it! Take care.