This is not an unexpected event but I personally do not construe this as a bottom. Again, secular markets are composed of many segments that can be micro rallies, and micro dumps. When you aggregate all of them together you notice a pattern depending on the direction of the secular market. For a depreciating market you will see lower highs and lower lows but there will be rallies to generate these.
Price drops, poor performance on the equity markets, relatively low interest rates (from a historical perspective) and a fundamental problem of there are ALOT of people with money still out there have indeed provided a pool of buyers willing to buy.
Contrary to opinion on this board the inventory levels are quite poor right now as well. I also just dumped money into a couple of 6 month CDs so I know your pain. I cannot tell you how “they” arrived at that figure but honestly it doesn’t matter to me.
Tonite I will pick a few zip codes and post some sales numbers for the month of September 08 compared to 07. I suspect we will indeed see increased sales numbers yet I do not feel it is near a bottom.
