If you go to Google News and click on the Business tab tonight, you’ll see a cluster about half way down with about 250 stories documenting the Main Stream Media’s consensus that the housing bubble has basically burst.
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Phoenix Housing Market- It’s the Inventory, Stupid
Pardon the rephrased statement of James Carville- but ultimately, it’s inventory that is going to define the bursting of the housing bubble.
From the current report of the Arizona Real Estate Center: With 5,545 recorded sales, the resale home market in July continued the slowing trend. Although this activity is slightly above the 5,460 sales of June 2006, it is well below last year’s 10,200 recorded sales.
Although there was a slight increase in sales from June to July, it wasn’t enough to put a dent in the current inventory. The number of Phoenix listings now stands at 53,126.
It’s been awhile since we’ve looked at the graph of sales vs. listings. (Data from Arizona MLS) The graph has been updated to show data back to 2002:
