This NRA housing data reported today is either extremely lagged, or totally without credibility. Totally uncollaborated by virtually every account coming out in the local press or the MBAA purchase index. Amazing that the cognoscenti would even trade on this.
They may be getting the August peak (Sept. 9, 2005) in prices though.
the national median is $209,000, down from $220,000 in August 2005. In the west it’s $306,000, down from $327,000 last August. In the south, the median is $182,000, down from $189,000 in October. In the midwest, it was at $160,000, off from $176,000 in August, and the northeast was at a high of $263,000 from $250,000 this month last year. Sales by region were as follows, all YOY: NE up 2.6%. MW up 1.9%. South up 3.1%, and the west was down 10.6%.
From "The Wisdom of Crowds”:
“During a true bubble, price and value lose all connection. Prices rise because people expect them to keep rising. At least they do until the moment when they don’t. Then comes the stampede for the exits.” |
