I would laugh if didn't actually make me CRY but the news just keeps getting worse and worse for the real estate market.
To wit:
The National Association of Realtors said Tuesday its seasonally adjusted index of pending sales for existing homes fell 6.5 percent from July and 21.5 percent from a year ago.
August's reading of 85.5 was below analysts' expectations and the lowest ever for the index, which started in January 2001. Analysts surveyed by Briefing.com had predicted the index would fall by 2 percent from July.
Wow. This is approaching historic (and hysteric!) proportions! Since the "Index" only dates back to the already booming year of 2001 it really is not THAT big of a deal. Still, all indications are that we are in a market that is in a state of Free Fall and there really is no end in sight. It will be interesting to see where we are once the dust settles, say in 2 or 3 years!
In the meantime, there are incredible deals for Buyers out there. And if you're a Seller priced RIGHT you will do quite well. Everyone else? As Bette Davis said in "all About Eve": "Fasten your seatbelts, it's going to be a bumpy night!"
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