Tuesday, March 23, 2010

Existing homes sales in line, but inventory is the problem

Earlier today, the National Association of speculative cheerleaders Realtors released February figures for existing home sales.

The 5.02million number (based on an annual run-rate) came in just a bit ahead of the estimated 5million, but the inventory picture worsened significantly.

Home sales increased from the February 2009 period, but sale prices were down and are still a far cry from previous years' levels.  The West is off the most significantly from peak 2006 numbers, while the Northeast has held up remarkably well.

Until the excess inventory is worked off, new home construction and the huge chunk of our economy dependent on it will remain depressed...

Copyright 2010 AlphaNinja

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