New-home prices sink 9.7%
Fastest drop in 36 years

Data, Data, Data…Finally some numbers! After months of speculation in the housing market, the true colors are beginning to show. Not bright colors mind you.

“September sales unexpectedly jump 5.3%, but builders had to offer plenty of concessions to get buyers to sign.”

So sellers were offering and buyers were resisting. The dominoes are finally beginning to fall. It reminds me of when I met a day trader watching the stock price, awaiting his evaluation to be met. You have one guy who won’t sell for less than $51 and a buyer who would never pay more than $49. But after minutes of waiting, sometimes a whole day, someone suddenly gives and the stock eventually sell for $49.75.

So either the sellers are getting desperate or the buyers are seeing a bottom, but at the end of the day contracts are being signed and the games have apparently begun.

(no more 2% correction in housing)

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