The October pending home sales were released this morning and showed a slight increase in October from September. But, compared with October 2006, sales were down nationwide 18.4%. In the Midwest, sales were down from September by 1.4%. They were down year over year by 11.7%.
From the Wall Street Journal:
NAR chief economist Lawrence Yun said the worst part of the credit crunch has been accounted for in the data, and that mortgage conditions have gotten better. “Some postponed activity should turn up in existing-home sales over the next couple of months, and I expect sales at fairly stable to slightly higher levels,” he said.
NAR is expecting sales and prices to rise weakly in 2008 and for the market to return to normal appreciation in 2009.
Whew. Glad that this “crisis” is over.