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Strategies & Market Trends : The Residential Real Estate Crash Index
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To: ild who wrote (1080)11/29/2001 4:49:33 PM
From: TradeliteRead Replies (2) of 306849
 
Actually, new home sales numbers from the Commerce Department (I think that's where they are compiled) are based on the date the contract is signed, though the house might not even have been built yet.

Existing home sales (provided by the National Association of Realtors) are measured from the date of settlement (close of escrow), not the contract.

An interesting distinction.

It didn't take the housing market long to decline during the last recession. And if we've technically been in a recession since last March, it sure seems to be taking a long time this time.

I, however, continue to believe that a heavy supply of buyers and a relative shortage of homes will mitigate effects of the recession on housing, although some areas will definitely suffer more or less than others.

In the Northeast, home sales are up, not down. In manufacturing areas of the country, things are worse.
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