Michael David White submits:New Observations estimates excess inventory for sale equals 1.4 million units with over 4-million homes on-the-block, a figure hovering just 11 percent below peak-crash inventory, while at the very same time the realtors’ chief economist forecast Monday that “the housing price correction appears essentially over.”
The US housing market showed another sign that the free-fall could be slowing as figures showed that pending home sales rose for the third month running in April as record low mortgage rates are luring buyers
The U.S. housing market has been one of the bright spots of the global economy. But the data hasn't not been uniformly bullish. Economists have noted that new home sales has been a laggard. And with housing starts roaring back, some are concerned that the market for new homes may soon see a supply glut. Here's TD Securities Millan Mulraine:
TORONTO — It’s looking like an unsettling spring in Canadian housing, a market that has proven far more even-keeled and less scary for investors in recent years than in the United States.
In what is traditionally the best season of the year for real estate agents, Toronto agent Ecko Jay says the industry is seeing far fewer buyers, a result of tighter lending rules, high prices and fear of a bubble. In Toronto alone, sales dropped 40% in the first quarter from a year earlier, making homeowners and investors jumpy.
Michael T. Snyder submits: Over the past several months, many in the mainstream media have hailed the slight improvement in the U.S. real estate market as a "housing recovery". But the truth is that the small improvement in the numbers was primarily due to a significant number of Americans attempting to squeeze their home purchases in before the huge home buyer tax credit expired at the end of April.