Tuesday, April 15, 2008

Housing: March was a Bust

by Calculated Risk on 4/15/2008 06:36:00 PM

From some stories today:

“With the traditional home buying season now well underway, we have not seen the bump in sales activity that we normally would this time of year.”
Sandy Dunn, NAHB president, April 15, 2008

The seasonal boost in sales between February and March was less than half its normal level and a record low. The weak start to the home buying season also saw another record dive in the median sales price ...
DataQuick on Southern California, April 15, 2008

"[T]here are cases where people as early as 18 to 24 months ago had one value on that property, and as they started to sell it or refinance it, they realize that valuation was 40% below what it was 18 to 24 months ago, and they're walking away from those homes in those markets."
Dowd Ritter, CEO Regions Financial Corp., April 15, 2008

March is a key month for both new and existing home sales.

Another year, another lost selling season.