Housing Turning a (Small) Corner

We optimists will take succor wherever we can get it, so I’ll point to this BCA chart today showing that housing inventories — both new and existing — have seemingly turned a (small) corner recently.

housing-corner

Yes, yes, I know. Housing is still going to zero, and this is just properties being taken off the market, poised to come back on, not houses being sold. Thanks, I won’t forget. But in the interim, before housing falls to zero and the Great Depression 2.0 hits and we all go back to hunting and fishing for a living, it’s nice to see housing inventories coming down a little.

Comments

  1. Outside of Love Canal and Detroit, Houses do not go to zero . . .

  2. Housing isn’t just going to zero – its actually going negative. Isnt that the whole problem ?

  3. Isn’t the Housing Affordability Index also a product of the National Association of Realtors?

  4. The drop in housing inventory is a seasonal pattern.
    You should really consider reading Calculated Risk on the subject:
    http://calculatedrisk.blogspot.com/2008/01/december-existing-home-sales.html
    “The fall in inventory in December is encouraging, but inventories remain elevated and buyers have a clear edge over sellers in many markets,” Yun said.
    The typical pattern is for inventory to decline about 13% in December, so this decline was less than normal. This is the highest December inventory level in history.

  5. isn’t it funny how some people will always see the cloud behind the silver lining? As I love to say “If you do a raindance long enough, it’s gonna rain”. It’s raining now and things will clear soon enough. md