Tuesday, May 27, 2008
Worst Bust Since WWII and Getting Worse
It cannot be fun being a Realtor right now. 46 of 50 states watched housing sales decline in the first quarter of 2008, and construction is dropping to its slowest pace since the 1940s. Economists are prognosticating that hitting bottom is months away. I am seeing less and less of the local silver-lining defense (that Nashville is an exception and is more robust than the other markets) floated out there, so it must be bad all over.
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Back in 2004-2005 I warned many local realtors that this was going to happen. Their aggressive and intentional overpricing was going to bite them in the ass. I wonder if they still remember the arragont and mocking replies they gave me...
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