More statistics came out yesterday showing that the air is continuing to leak out of the nation’s housing bubble. The National Association of Realtors reported that in July sales of previously owned homes hit their lowest level in more than two years, while prices flattened and houses sat on the market longer; not surprisingly, the supply of unsold houses also hit a record high. The question the experts can’t seem to agree on? Whether we’re in for a soft or hard landing. Regardless, it seems like a safe thing to predict that the results will vary greatly by local market.
New Signs of Cooling in Housing [NY Times]