The absence of stories about the bottom in housing will mark the final nadir, because the real bottom can only be reached when everyone has abandoned housing as a pathway to easy money. Only when the public and investor class alike have completely lost interest in real estate as a “sure-fire” investment can the real trough be reached.
Economists were predicting that June Existing Home Sales would rise 2.9%, but that didn’t happen. June Existing Home Sales fell 0.8% from May and are down 8.8% from June 2010.
We have a great innovation system in spite of the financial sector, not because of the financial sector.
Bay Area homes sales surged 14.5 percent from May to June, though are still below levels from 2010.
Underwater loan owners with payments exceeding rent have a moral imperitive to strategically default to provide deterence for banks to inflate future housing bubbles.
Compared with the first half of 2010, foreclosure filings, default notices, auction sales, and bank repossessions are down 29 percent for the first 6 months of 2011.
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