Inman news headlines today:
"Resale single-family median home prices fell in 11 of 20 regions in California while sales dropped 27.8 percent in August compared to the same month last year, the California Association of Realtors trade group reported this week."
"Applications for home-purchase loans dropped significantly last week as long-term interest rates climbed higher, the Mortgage Bankers Association reported today."
Do you think someone interested in maybe buying a house would see this as a bad sign? ;-)
Granted times are tough in some areas. Fortunately they are certainly not tough in all areas.
For instance, in my town of Knoxville, Tennessee our resale single-family median home price actually rose 6.6% in August 2007 compared to the same month last year.
In fact our median prices have risen every year since 1999; here's the breakdown:
2nd Quarter 1999
2nd Quarter 2000
2nd Quarter 2001
2nd Quarter 2002
2nd Quarter 2003
2nd Quarter 2004
2nd Quarter 2005
2nd Quarter 2006
2nd Quarter 2007
Granted 1 month's worth, or one quarter's worth of limited statistics don't tell much of any sort of story or predict any sort of trend but the point I'm making is that not all is bad news and I'll bet there are lots of other areas of the country with good news as well.
I guess this is just further proof of the newspaper adage: "If it bleeds, it leads."
Sad commentary on our times when bad news takes precedence over good.