The recent uptick in foreclosures is not yet translating to more homes on the market. The number of homes on the market dropped for 16 straight months. Six months on market denotes more balance between supply and demand. Supply peaked at nearly 11 months in December, 2010. On an annual basis, national sales prices are down 5.4%, but transactions are up 9%.
Here is how it is here in KC for Sept/Oct.
I have contacted several agents here, and it is real bad here so far in November. I have not had a call in over 11 days.
That is a 10 year record for me.
Recently I’ve had two clients who thought they were building a new home discover the funding was pulled, I don’t know all the details but it appears the money supply is shrinking along with the inventory.
Our whole economy is predicated on unrealistic spending & growth which can’t be maintained without massive injections of credit… In reality it is always either feast or famine, boom or bust… God bless the child whose got his own.