Home Sales Hold Their Ground
According to Jeffrey Otteau, home sales have continued to run below last year's pace since the expiration of the homebuyer tax credits last April. However, a pattern of stability is beginning to emerge. Following an average 27% decline in home purchase activity--rate of sales--from May through October, sales were off by only 10% in November from year ago levels. Also noteworthy is that the November sales pace was actually 20% higher than 2 years ago. Admittedly, November 2008 was among the 'deepest & darkest' days for the housing market and overall economy following the Lehman Brothers bankruptcy on September 15, 2008. But these recent trends suggest that the housing market is beginning to regain some traction heading into 2011.
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