WSJ Says Inventories are Growing
The Wall Street Journal covered the housing bubble heavily in today's edition. In a piece titled "For-Sale Signs Multiply Across U.S." the WSJ noted that inventories are up all over the country.
"The housing market continues to weaken in much of the country as inventories of unsold homes rise and many sellers cut their asking prices, a quarterly survey by The Wall Street Journal shows.
There is no sign of a broad collapse of housing prices about a year after the once-hot coastal markets entered a long-anticipated cooling phase. But the general level of prices is edging down in some areas and leveling off in others, while the supply of homes for sale keeps rising.
The number of homes on the market in Orlando, Fla., for example, is nearly five times the year-earlier level, while the inventory has quadrupled in Phoenix and Tampa, Fla., and nearly tripled in the Washington, D.C., area.
In another sign of the housing market's growing weakness, the Commerce Department said housing starts fell 5.3% last month from May, to an annual rate of 1.85 million."
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"The housing market continues to weaken in much of the country as inventories of unsold homes rise and many sellers cut their asking prices, a quarterly survey by The Wall Street Journal shows.
There is no sign of a broad collapse of housing prices about a year after the once-hot coastal markets entered a long-anticipated cooling phase. But the general level of prices is edging down in some areas and leveling off in others, while the supply of homes for sale keeps rising.
The number of homes on the market in Orlando, Fla., for example, is nearly five times the year-earlier level, while the inventory has quadrupled in Phoenix and Tampa, Fla., and nearly tripled in the Washington, D.C., area.
In another sign of the housing market's growing weakness, the Commerce Department said housing starts fell 5.3% last month from May, to an annual rate of 1.85 million."
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posted by Little_Silvered at 7:55 PM
1 Comments:
It is going to get real ugly in some of these markets. I mean come on, how many people can retire and move to Florida? The trade is to sell short builders of residential Florida homes and buy the builders of shuffleboard courts, cause no one is moving soon!
Some areas supported by real wages and limited supplies will see support at lower levels while maggots who all bought the "Flipper, Flipper faster than lightning" mentality of the first five years of the new millennium will be seen wandering their neighborhoods in bathrobes mumbling to themselves, disheveled and odiferous.
Those poor souls, who actually have to move due to jobs and the like, will be painfully aware that if they didn’t buy the adage “location, location, location”, they are screwed. Those who bought in the right neighborhoods need only move to a van down by the river and rent their house until the market picks up.
Wrong neighborhood 7 years to get back to 2005 levels, right neighborhood 3 years.
Anonymous Dave
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