Home Sales Rise As Market Corrects Prices

J.J. Jackson* | March 29, 2008

Filed Under Conservative Musings, Economy / Economics

Well, that recession keep getting put on hold:

WASHINGTON (AP) — After falling for six straight months, sales of existing homes posted an unexpected increase in February which may have reflected more aggressive price cutting by sellers in some parts of the country, a real estate trade group reported.The National Association of Realtors said that sales of existing homes rose by 2.9 percent in February to a seasonally adjusted annual rate of 5.03 million units. It was the biggest increase in a year and caught economists by surprise. They had been expecting a small decline.

The trade group reported that the median existing sales price in February fell to $195,900. That was the largest year-over-year drop on records that go back to 1999.

So, the market was putting out inflated prices and homes weren’t selling. So people dropped their prices to the level the market would bear and the homes started selling. My God, what a concept!

Did some people probably take a hit and maybe even lose money? Yeah. Sure they did. But that is what happens when you gamble in the market.

So basically you have a bunch of people know standing around wondering when the recession is going to get to the party that they have set up and are throwing for it. Because the burgers are getting cold and the liberals party goers are getting restless. Without a recession (or the fear of one) what else are they going to campaign on in the fall? The war in Iraq?

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