From the wsj.com:
Housing markets that just two years ago struggled with a glut of homes are now facing a new problem: There are fewer properties to lure buyers.
Sales of previously owned homes fell 5.4% in June from May to a seasonally adjusted annual rate of 4.37 million, the National Association of Realtors said Thursday. While above the sales level of a year ago, the number nonetheless disappointed analysts because other recent housing indicators have signaled stronger improvement. The housing market is “back on track” but there will be “bumps on the road,” said Patrick Newport, an economist at IHS Global Insight.
Some economists and the Realtors’ group attributed last month’s decline to a sharp drop in the number of homes on the market, leaving would-be buyers with less to choose from.
Inventories of single-family homes fell to 2.12 million in June, down 3% from May and 24% from one year ago. That is the largest annual drop in at least 30 years, leaving inventories at roughly the historic levels that preceded the housing bubble of the past decade.
this photo just screams “Caption contest”.
“Ok, Jim, that was impressive. But I will need to see one more dance routine before I sign this offer.”
That was a good one!
The Great Housing Swindle
http://news.firedoglake.com/2012/07/16/the-great-housing-swindle-shadow-reo-artificially-boosting-prices/
Sexy headlines, but I covered this already. If there is a great housing swindle where banks are holding back 90% of their REOs, it isn’t in San Diego.
My last comment from July 16th:
I saw that, and thought it was written to cause more hysterics.
If banks are hanging onto properties, they are doing it outside of SD County. City-Data says that we have around 600,000 houses and condos in the county, and according to the tax rolls Fannie Mae owns 479 of them. A quick review showed that more than half of them are listed for sale or pending in the MLS.
They may be slow in processing them, but there doesn’t appear to be a deliberate build-up. The last two Fannie Mae REOs we received were assigned to us prior to Fannie even having official ownership – the deeds haven’t been recorded yet!
Vanna, show them what they’ve won!
“Look lady, you’re going to have to put the invisible steak knife back in the kitchen. I know the interior decorating looks terrible, but you can’t go around pretending to slash the fabrics”
One thing is for sure. It definitely a better time to buy that in 2005.
So fellas, crawl out of moms basement and make the girlfriend happy with a new house.
CAPTION CONTEST ENTRY
Geez Lady,
I know, I know you’re underwater and your down payment is long gone, never to return. Ever.
Maybe you should consider downsizing. Let me sell your house.
What do you want from me? I warned you those Federal Tax incentives were bogus, for losers and stupid people.
Call Suzanne – collect.
Always enjoy seeing JTR on other side of camera.
JTR: “There’s nothing tap dancing won’t fix!”
JTR: “Do these pants make me look fat?”
😆
P.S. Spider, you are asking for trouble!
JTR: “Oh, no! Where’s my red power tie? Dang, I forgot it! THAT must be the reason you’re not making an offer today, eh?”
Second guess (Um, is that allowed, Jim?):
“OK, I can see that you’re blind! I’ll play the part of one of those lame real estate agents. This is the kitchen. It’s painted yellow! Describe it? Well, it’s certainly not a taxi-cab yell-er, nor a sunny yellow sunshine yellow like the sun just peeked over the horizon. *Sigh* Oh, never mind…”
“Aren’t you that 22 year old I heard about ? Come and give us a biiig hug.”