I wouldn’t call a flattening of a decline line as a dead cat bounce. Compared to last year, our sales are still down 30% year over year.
My charts from the last downturn mirror this well. A decline of 20% year over year in sales lasted at that level for one year, before dropping further to a 50% decline year over year.
As AN says, nothing goes up or down in a straight line.
sdrealtor, thanks for calling Steve Beebo out to step up to the plate. Both you and SD Realtor, and Bugs have added an invaluable service by sharing what you are seeing in the field. Why is Mr. Beebo out here defending this market – maybe he’s worried his own house is going to lose too much equity? Maybe he joined the refinance boom and can’t afford to lose the equity? Why else would an appraiser be in such a denial?
