All you're proving ex-T is that the housing market is regional. Always was, always will be. When Houston "tanked" in the early 80's and dropped prices 5-10%, it didn't tank the rest of the US.
The number of for-sale houses in my Phoenix neighborhood has dropped in the last month. Something like 150k people moved here last year, and they're still coming.
Trying to tell me that I should dump my real-estate because the end of the world is coming is just laughable.
If any number of people had taken your implied advice 3 years ago and sold their houses and rented, they would have lost huge dollars.
There might come a time when I need to sell, but for a fact it will never be because of stuff you've posted. For 3 years now you've been nothing but wrong.
Actually about 10k a month and there's 15k new real estate listings a month for them to choose from. http://www.armls.com/pdfs/StatsChartsByYearFeb.pdf I'll repeat what people have been saying for years: sell now. This time they are right.
Click the link below to read and/or view an exclusive BBC report on organized criminal activities by real estate agents in Britain. This was an undercover report. BBC reporters went in with hidden cameras. See real estate agents lie, forge signatures, obtain false passports, and in general behave in typical way people do when their primary motivation is money. The U.K. also has bubble woes.
Excess greed inflated the housing bubble. Public disclosure of illegal activities by realtors and mortgage broker may even cause the bubble to explode.
I believe that NBC, CBS, CNN and even FOX News will be required to do this type of investigation. Sooner rather than later. Otherwise, they will be condemned as cowards.
Sales of existing single-family homes and condos fell 24% year over year in February, and listings increased 939% in the same period.
As prices have stagnated since August, inventory levels have continued to grow, as we suspect an increasing number of speculators are placing their homes on the market," Murray wrote.
From August to February, inventory increased by 122%, he noted. From a months-supply perspective, that means six months of inventory were on the market at the end of February, compared with 1.6 months in August.
http://www.thestreet.com/_googlen/markets/realestate/10274586.html?cm_ven=GOOGLEN&cm_cat=FREE&cm_ite=NA
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So what should we rely on....your ancedote, or the numbers?
Let's be honest, there was a short dip in there where Ex-T was correct. Every economic cycle has its dips, and a monkey could have predicted that with as much accuracy, though.