Fire Sale Begins

One thing that you can be sure of is that any news story on real estate will be mindlessly optimistic. There is too much ad money out there for it to be otherwise.

In this case, they talk about rising new home sales, but ignore the following:

• New Home sales are upon signing the contract, not closing, so you have cancellations that are not reported.
• The sales are up because home builders are starting to dump their inventory. This is the early stages of the slump, not the end.

We are still very early into this.