“I don’t even think we are half way to a bottom yet. Flame on, but there is still too many homes out there at too high of prices.”
This is the way I think the bottom comes in.
Currently there is a ton of inventory and three houses of that inventory are going to sell at lows for the cycle this month. Next month 10 will do the same. A few months later 30. You get he idea. Later 50 but there is still a ton of inventory. Prices get to where a very large percentage are selling near cycle lows but inventory is still pretty up there. Eventually for all practical purposes the PRICE correction is over. Where is inventory? I think it could be some what elevated still? I was looking for a chart that might reflect the lag between these two items that we can expect. It is a question more than a statement, your post made me wonder.
The numbers are totally concocted to express a view contrary to the, everyone is a stupid knife catcher until I say it isn’t so. As good as it gets deals will be a combination of rates and price for some as opposed to a pure price bottom.(that would be pretty hard to time so it makes these aggressive rate hyping realtors laughable). I think we should not be too haughty because people are starting to make good deals on purchases. Kind of hard to tell which ones but they will trickle in. Some of those people just bought into future bragging rights instead of catching a knife.The rest caught a knife which sunk to varying depths, some will be lethal and some will be mere flesh wounds.
