I’ve waited a long time to see this in print. I even doubted the fact that the media would ever acknowledge the fact, but they did. This piece ran in the Voice of San Diego two days ago on Dec 21st.
This increase in inventory, coupled with the drop in home sales, means sellers have had to wait longer to sell their properties, and may have to settle for profits that are substantially less than they expected. Some sellers — albeit a small minority — have even begun to sustain losses on their property.
Sustain losses on property? The unthinkable? But prices never go down? Right? Has anyone else seen the media reports that are already reporting a soft landing? Amazing, the market hasn’t even begun to collapse on itself yet, but we’ve already landed? Already landed? I’ll leave you with a quote..
“Stock prices have reached what looks like a permanently high plateau. I do not feel there will be soon if ever a 50 or 60 point break from present levels, such as (bears) have predicted. I expect to see the stock market a good deal higher within a few months.”- Irving Fisher, Ph.D. in economics, Oct. 17, 1929