Expectation was for 890k… came in at 834k. Interesting to note was where the declines were:
Northeast -27%
West -22%
Midwest -17.1%
South +7.6%
Amount of time on market widened from 7.8 months to 7.4 months.
The south is probably only up due to out of state investors trying to move their money there. Sadly I think most missed the boat and are going get hosed just like they did in their own markets. Interesting to see the northeast being the worst. I live in CT and from looking around I see that things are getting worse but I’d have to guess (total guess) that the west would have been hit worse than CT. I know from what Petemfa has been saying his area (RI) is pretty bad though with almost 300 foreclosures hitting the papers per week. In my area I’ve seen a rise from 4-5 per week up to about 3.5 pages per week with maybe 8 per page so still less than 50 per week.