For all of you owners out there who are tiring of all the depressing news that keeps coming out on the housing market, Business Week tries to cheer you up this week by putting a more positive spin on the National Association of Realtors report of median year-over-year prices falling 1.7% in August. Their two biggest rationalizations reasons for hope? First, the decline in the number of existing homes sold was less than economists expected; the drop was entirely related to condominiums and co-ops. Second, the monthly increase from July to August in the number of unsold homes was only modest 1.5%, the smallest amount so far in 2006. (Who cares if it was the highest absolute amount since April ’93.) Don’t you feel better now? That’s what we thought.
Hopeful Glimmers in the Housing Slump [Business Week]
Photo by KAP Cris