Total listings of homes in these metro areas at the end of June was up 2.5% from May, according to figures compiled by ZipRealty Inc., a national real-estate brokerage firm based in Emeryville, Calif. The data cover all listings of single-family homes, condominiums and town houses on local multiple-listing services in those areas.
This is almost becoming comical -- if it wasn't so serious. The inventory of existing homes on the market is at a historical absolute high in terms of total units on the market. Yet the number of homes for sale continues to grow. At some point, prices will have to give and it won't be pretty.
2 comments:
Indeed. I've been watching the market in my neighborhood and it's getting kind of scary. I don't see much moving and I see an awful lot for sale. The perverse thing is that in this environment, in the last couple weeks I've seen another 4 houses in a 2 block radius get torn down for new construction.
The thing is, if you're in a home right now, even if you wanted to buy a new place, you'd have to find somebody to buy your current place and there don't seem to be a lot of takers running around. I'd be curious to know how many pending sales have been getting axed because the buyer couldn't sell their old property.
I remember what it was like in Houston and Dallas back in the days of the final Texas oil boom in 1982-1984. I can't possibly imagine what it will be like if we see the same picture nationally. We're just seeing the bow wave of this decline now and I hate to think what it will be like when thousands of families get sucked into the financial prop wash over the next few years.
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