For nearly two years, I have been warning in my articles posted on BUSINESS INSIDER that there is no housing bottom in sight. I’ve been correct.Yet one analyst after another has been proclaiming that the housing bottom is finally here. This is nonsense! Many of these "experts" have skin in the game and hope to lure you back into the market. They base their assumptions on the fact that housing prices seem to be falling more slowly. They're not. Take a look at these shocking numbers I uncovered in the last two weeks:SINGLE-FAMILY HOME PRICES IN THE NORTHEAST February 2012
Source: Wm. Raveis & Co. – raveis.comThese are real, raw numbers, not an index like Case-Shiller. They come from the largest family-owned brokerage firm in the northeast — Raveis and Co. whose reputation is impeccable. I spent several days reviewing the terrific raveis.com search tool and found similar price declines in more than 150 towns and cities. Sales volume was way down in most towns in the northeast. To my surprise, inventories are up substantially from a year earlier. All that talk last fall about shrinking MLS inventories is history. Listings are soaring in most towns.Some people I speak with are skeptical about these numbers. Check them for yourself if you think I’m making them up. Go to the raveis.com homepage and the drop-down menu for “Housing Data.” Then hit the link to “View local housing data” and this will take you to their search page where you can see the latest sales and price statistics for towns in seven northeast states. You’ll be as shocked as I was.Here is my warning: Prices are crumbling and homeowners have perhaps six months to decide what to do. I strongly suspect that a year from now will be too late.
Please follow Money Game on Twitter and Facebook.
To embed this post, copy the code below and paste into your website or blog.
Active Users on BI right now...Click for more live stats »
| Sometimes Good Investment Ideas Are Stupidly Obvious
You just have to look where the growth is.
| Chongqing Is A Perfect Illustration Of China's Unsustainable Growth Model 2
| Here's Why Oil Prices Won't Set Off The Next Recession 4
| Here's Why Yellen And Geithner Are Giving Opposite Views Of The Economy 10
| Diversification of foreign reserve: the stock-flow consistent model
| Korean Central Bank to buy Chinese stocks?
| Crystallizing the Difference
| Thoughts about the French Election
| Great Graphic: Buffett Tax and Pell Grants
| Why the Middle Class Is Doomed
| Key Take Away: Ranges Hold
Here Are Parts Of The Aircraft Carrier USS Intrepid They Don't Show To The Public 615,911 Views
PRESENTING: The 101 Finance People You Have To Follow On Twitter 313,714 Views
This Afghanistan Firefight Shows Why Troops Never Leave Home Without A 'SAW' 284,594 Views
Evidence Collected By A Private Investigator Suggests That OJ Simpson's Son Was The Real Killer 245,686 Views
How Burger King Went From McDonald's Greatest Rival To Total Train Wreck 182,048 Views
George Soros Nails It: Why The Situation In Europe Is Only Getting Worse 109 Comments
New Party Photos In Colombia Officially Cement Hillary Clinton As The Most Badass Politician Right Now 105 Comments
Israel Is Preparing For A Full Assault On Iran's Nuclear Facilities If Diplomacy Fails 78 Comments
EPIC Fox News Screw-Up: Bob Beckel Screams 'F**k' Live On Hannity 71 Comments
NYT: Here Comes 'TAXMAGEDDON' 65 Comments
* Copyright © 2012 Business Insider, Inc. All rights reserved. Registration on or use of this site constitutes acceptance of our Terms of Service and Privacy Policy. | Disclaimer
Powered by MongoDB | Hosted by Datapipe | Stock quotes by YCharts
Read Full Article »