David Wessel – WSJ | The U.S. Housing Bust is Over

Housing Passes a Milestone

The housing market has turned—at last.

The U.S. finally has moved beyond attention-grabbing predictions from housing “experts” that housing is bottoming. The numbers are now convincing.

Nearly seven years after the housing bubble burst, most indexes of house prices are bending up. “We finally saw some rising home prices,” S&P’s David Blitzer said a few weeks ago as he reported the first monthly increase in the slow-moving S&P/Case-Shiller house-price data after seven months of declines.

Nearly 10% more existing homes were sold in May than in the same month a year earlier, many purchased by investors who plan to rent them for now and sell them later, an important sign of an inflection point. In something of a surprise, the inventory of existing homes for sale has fallen close to the normal level of six months’ worth despite all the foreclosed homes that lenders own. The fraction of homes that are vacant is at its lowest level since 2006.

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2 Responses to “David Wessel – WSJ | The U.S. Housing Bust is Over”
  1. Pamela Edwards says:

    Sit back and watch the housing bubble crisis is not over yet and it hasn’t reached the bottom yet either.Remember 11million more foreclosures this year?Don’t people remember what they print or the statistics they come up with.Besides that who would trust S&P and what they say anyway they’ve done nothing other than consistently lie to all who have listened and trusted.Why would you listen know.Common sense anyone?

    • Bobbi Swann says:

      311 comments so far posted on his article. I don’t think EVERYONE is believing his BS!!! I wonder if HE reads the comments posted on his own article. I don’t have a twitter account but I imagine he was pretty much slammed there as well! Obviously this writer does not know that the vast majority of Americans are “waking up” and don’t need to be fed this crap anymore.

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