It looks to me the areas where home prices have fallen the most are seeing the most activity……go figure! I think we will see YOY sales declines all the way through August, then we are going against 2007 post credit crunch, so I think we will see a bottom in unit sales in 2008. I really don’t think they could fall much further, so far the decline in unit sales is far more severe than what we saw in the 90’s. I don’t see a V shaped recovery as most on this board don’t. Christopher Thornburg likened the current situation to the eye of a hurricane. The housing bust and credit crunch were the front wall of the hurricane, right now we are in the eye, the back wall will be the impact this whole debacle has had on the consumer and the economy. Home prices are falling pretty fast now, comps are being set, we still have to work our way through the balance of the foreclosures. Actually this report is good news for people sitting on the sidelines. Entering in 2009 – you could find a good deal, Entering in 2010 probably the best bet.
