Housing Glut: From Bad to Worse
May 18th, 2007Nice!
Via: CNN:
The number of homes for sale in major markets ballooned in April, according to a new industry report, adding further evidence that the U.S. housing slump is still trying to find a bottom.
In April, there were 743,367 existing house and condo properties listed for sale in the 18 major metro areas tracked by ZipRealty, a California-based real estate broker.
That was up 33 percent from a year earlier and 7.2 percent higher than in March.
Some of the markets ZipRealty covers suffered far bigger inventory expansions than the total jump. Los Angeles reported a 39.7 percent leap since April of 2006, Miami climbed 53.9 percent and Seattle soared 63.2 percent.
Posted in Economy | Top Of Page
Damn, I am so grateful I rent for now.
Don’t be too grateful. If that landlord has bad investments in housing that he can’t “flip” then he’ll be looking to raise rents in order to survive. Your good fortune may only last until the contract is renewed. I hope it isn’t so but thats where it looks to be headed.
I was blessed with a house that I inherited and that was paid for. Still, with property taxes etc., I feel like a renter in my own home. Its absurd.