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dude, you DO know no one is suggesting there aren't any sales going on right?
Given a low enough price, sales will happen, but sales (and prices) are obviously going down drastically, which is what everyone here seems to comprehend but you.
Aren't they the same realtors who once said there was no RE bubble nationally..then said no bubble in North East and then said no buuble in NYC metro area??? Just asking...I have a bad memory...
many people on this board are advocating not to buy a home because prices continue to decrease.
4.49 million people didn't take that advice.
what's so hard to comprehend ?
Here's an analogy.
On days the stock market has crashed, record sales volumes have been seen. What else has happened? Massive price declines. For transactions to occur there is always a buyer and seller.
You need to look at both price and volume. You can't cherry pick your metrics.
The December "Case Shiller" data shows that the rate of decline in home prices is stabilizing at just under 20%. This doesn't sound like good news, but it is. Before house price declines can start decelerating, they have to stop accelerating, and it seems we're finally there.
Nationally, house prices are now back to late-2003 levels, down 27%-28% from the peak. They appear to be headed to a total peak-to-trough decline of at least 40%.
Hopefully that's a distant light at the end of the tunnel. But boy, you know things are bad when the "positive" news is that home prices are "only" declining at a rate of 20% per year, and not faster ....
The December "Case Shiller" data shows that the rate of decline in home prices is stabilizing at just under 20%. This doesn't sound like good news, but it is. Before house price declines can start decelerating, they have to stop accelerating, and it seems we're finally there.
Nationally, house prices are now back to late-2003 levels, down 27%-28% from the peak. They appear to be headed to a total peak-to-trough decline of at least 40%.
We're probably going to see 2001 or less levels before this is over...that's when the bubble first started accelerating.
If we end up in a depression, then it could become worse...much worse.
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