Many of us here have been expecting news like this for years now. Now that we’re hearing it we know the bottom is closer but we need not jump the gun.
You’re right Ex-SD it’s going to take years to get here, and we’ve still got a lot crap to go through.
That’s why I roll my eyes anytime someone says sales are up or inventory is down month over month or even year over year implying the bottom is here or at least close.
With prices down 20% it’s no wonder some people, probably down-sizing their McMansion, are buying in at lower prices and taking some inventory off the market. You can’t celebrate one gauge of the market and ignore how terrible another is. Well, you can, but you’re a fool, and an even bigger one if you make a decision based on that.
I personally don’t see a bottom until the response to good news is continued expectation of bad. Such responses are lagging indicators too.
This record high of foreclosures signals nothing but more pain to come. As distressed “owners” are forced to buy something they can afford you can expect the damage to work its way up the food chain.