Asheville Mountain Real Estate Blog

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Location: Mars Hill, NC, United States

A small, highly personalized real estate firm specializing in mountain homes and land in greater Asheville.

Wednesday, April 09, 2008

Pending Home Sales Reach Record Low in February 2008

The forward looking Pending Home Sales Index, (PHSI), is the last piece of basic data released for any given month. The Business Week Real Estate Blog, informs us that it declined 21.4% from a year ago and represents the lowest level since the index began.

Paper Economy does its usual regional breakdown showing us that no area of the country escaped the trend, and that in the South, the PHSI dropped more than 30% from last year. This was the biggest decline in the country. Interest Rate Roundup provides added comments and a nice graph.

The Big Picture examines the numbers, and wonders how it is that the press release from the national trade association can call a 21% drop, "stability", while Paper Economy lays out the track record since December, 2006 for our trade group. Sadly, it's just not so good when it comes to providing legitimate info for buyers and sellers.

We've been bearish on housing for over a year now, but one really begins to wonder at this point, for how many more months will we see new lows in all of the basic numbers? Yes, it's a buyers' market, but at what price level?

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Black Bear Realty Website
828 689 2055
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