The Housing Market is Crashing (NOT!)!
Today the U.S. Commerce Department issued a report with the following data:
* “April’s rebound was led by a huge 41.7 percent surge in sales in the Northeast”
* “Sales were up 8.3 percent in the West”
* “5.8 percent in the Midwest”
However, the report that made headlines everywhere was the May, 2008 Standard & Poor’s/Case-Shiller index. Their 20 city metro area index showed home prices falling 14.1 percent in the first quarter compared with a year earlier in places like Los Angeles, Miami, Phoenix, Las Vegas, San Diego and Tampa where prices SKY ROCKETED to riduculously over-inflated numbers for years. Las Vegas, formerly a flipper’s haven had the worst quarterly performance, falling 25.9%, followed by Miami and Phoenix. Many anaylsts believe the adjustment is warranted and good.
However, THAT DOES NOT SELL NEWS!