About that housing stat

[solarbird]

Courtesy cow and The Mess that Greenspan Made, please enjoy this graph from a few days ago. The pale blue bars are the rising new home sales. There's also a rise in existing-home sales not shown on this graph - about 29,000 more month-to-month than June. The violet bars, however, are newly-entered foreclosures:The rise in foreclosures is obviously much higher than the rise in new home sales, and eats a little under a third of the rise in existing-home sales. Given that you expect to see large spikes in sales in the summer months, it's worrying how much of that is being eaten by foreclosure retakes.

Comments

[silussa.livejournal.com]

So, we have a HUGE overhang of homes not yet on the market...and as soon as prices suggest they're going to rise, it's going to fall on the market like the proverbial ton of bricks.

Anyone consider bulldozing them? It might be worthwhile, financially.

[solarbird]

Didn't I post those California videos of new homes being bulldozed? If happens, when that's the cheapest option.