Henry Blodget submits: 
According to Asha Bangalore, new home sales declined again in February and are now running at a pace not seen since June 2000 (see March 26 Daily Global Commentary) The supply of new homes, meanwhile, rose to 8.1 months, a level not seen since 1991. And the number of completed homes for sale in February set an all-time record.
Asha's previous commentary, on existing home sales, was slightly less discouraging: the pace of price-declines has moderated. For three reasons, however, Asha still considers the relatively good news of the past few months in existing home sales to be temporary: tightening mortgage lending standards, less availability of subprime financing, and rising delinquencies. She also notes that, despite a pick-up in February in the number of houses sold, the total inventory also increased.
So it seems as though those jubilant shouts about the housing market having stabilized may have been premature.
We all knew the old rule of thumb, what goes up must come down, I guess most of us never thought it would crash this hard.
Posted by: Finance Matters | January 11, 2008 at 11:31 PM
What we are seeing is a see-saw performance. 2 years later the housing market still faces the same challenges. However, Obama had already passed the bailout plans to help all the ailing markets. Let us just hope that everything will going to be fine and that the housing, auto and the stock market can finally regain their strength.
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