The Housing Bubble Pops

Condo outsideIt’s official. The housing bubble is over.

  • Existing Home Sales Off 4.1 Pct. in July
  • Sales of previously owned homes down to a 2 1/2-year low
  • The median nationwide price of a home sold last month was $230,000, up just 0.9 percent from the same month last year.
  • Inventory of unsold homes in July rose to a record high of 3.86 million. At the current sales pace, it would take 7.3 months to exhaust that overhang. That is the longest period to exhaust the supply of homes since the spring of 1993
  • Last week the National Association of Home Builders reported that confidence among builders sank to a 15-year low.

Anyone want our condo or a rental?

Nate Ritter lives in the Pacific Northwest (U.S.), popularized the #hashtag and creates web applications for a living. He also does miles and point hacking to enable cheap travel for his family. More here →

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