Getting Graphic is a semi-sort-of-irregular collection of our favorite BIG real estate-related chart(s).
I don’t think housing hasn’t been fully accounted for in the economic slowdown, and despite the Fed’s somewhat sanguine views, which may change later this year. Sales concessions in lieu of price drops are likely tempering the housing number stats nationwide.
Purchase mortgage applications have been generally flat (They increased this week.) yet home sales are about 20%+ below the same period in the prior year.
Why is that? Perhaps one reason is the general tightening of credit. David Berson of Fannie Mae suggests that people are submitting more applications when making a purchase. [Note: Berson’s link lasts one week. After 5/13/07, go here and search for his 5/7/07 post.]