Breaking News from RealEstateInsiderNews.com
Thanks to CNBC’s Diana Olick for another great housing report (is there another housing reporter other than Diana?)
Housing is showing signs of having FINALLY bottomed!
Here are the facts:
Distressed sales are now 32% of the market.
ALL cash buyer are 31%.
Home sales INCREASED in December. I think this is not a small point. When was the last time that housing sales INCREASED in December? (never)
The overall supply of homes has dropped from 11 months to 6.2 months.
National Association of Realtors is calling this a substained recovery. Meaning, we have seen consistently positive housing reports over the last 90 days. Granted, these positive reports have been mere blips on the radar. We will take all the positive blips- positive momentum we can get!
Diana makes a point that does put some water on the optimistic fires of recovery: 6,000,000.
Thats the number of homes currently being held in the banks shadow inventory. One way or another those will become listings for REALTORS (YOU?) For the housing market to truly turn the corner we must clear that inventory. How long will that take…what do you think?
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This sounds like we're going in the right direction for sure. Let's hope the January numbers look just as good. Thanks for sharing the video Tim and Julie.
Shadow inventory is huge and scary!
In our area Dec. and Jan. has been warmer than usual, which has kept us busier than normal.