Mr Charts is out with a new article about the state of the housing market.
What happens when the American housing industry enters a downturn? It can last a long time.
There are currently over 4 million homes listed for sale, an historical high.
If enough of those owners are really determined to sell — in some cases because they cannot afford to make rising mortgage payments — that could lead to sales figures being higher than in previous times of housing weakness, and to prices falling further as the selling pressure depresses the market.
Result: 1989 all over again.
I’m skeptical. There was a lot more going on in 1989 than a housing glut. 2007 is different, at least as it stands right now.
Complete story: The Long Life Span of a Housing Downturn – By Floyd Norris, The New York Times, by way of Matrix
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