The following is something that I read from a John Maulden article. The outlook does not look good. I think this strengthens the opinion that if you don't need to sell, don't list your house right now. And, if you do need to sell, you may need to bite the bullet and consider a price reduction.
The article states that existing Single-family homes (3,800,000!) for sale rose by +100,000 units during October alone! Get this---for the last 10-month period YTD, there has been an increase of +880,000 listings! Whew! It almost takes your breath away, doesn't it? But wait...not only is there nearly a MILLION more existing homes for sale compared to january, but since June, prices have COLLAPSED at an annualized rate of -30%. Oh....the article also says that existing homes sales fell to a 9-year LOW.
With the resets that we can expect, resulting in foreclosures, the rise in unsold inventory is going to do what? The only thing it can do if sellers want to sell their homes is cause price reductions (deflation)
Want to know about the sequential build in unsold inventory? contact me and I will send you the link for the John Mauldin article.
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