Saturday, May 16, 2009

Is the Housing Bust Over?

Michael Shenk says probably not? You can read his full answer in the current issue of Economic Trends published by the Federal Reserve Bank of Cleveland.

It’s been three years—is the housing market correction finally over? The short answer is probably no, but there are some encouraging signs of improvement.

Existing single-family home sales, by far the largest segment of the housing market, have been relatively stable for the past five months. Prior to a steep drop off in November, sales had held steady for roughly 14 months. This stability has come at a cost though, as the median price of homes sold has fallen drastically over the past year and a half.

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