The street is predicting existing home sales to increase, based largely on the sales surge of distressed properties. No question, the bottom feeders are back in the game, as are first time home buyers.
But these sales are not the type of sales necessary for meaningful recovery in housing. Don’t get me wrong, we need to unload the foreclosure inventory, but without real “organic†sales, that is move-up home buyers and sellers, there is no way to put a bottom on home prices.
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Martin M.