Sales of existing homes rose slightly for the first time in 9 months, but prices fell. Analysts do not think the bottom has yet been reached: "Given stress in the mortgage market and depressed buyer sentiment, we judge this to be a brief respite and look for sales to fall further," Lehman Brothers economist Michelle Meyer said. [Wall Street Journal]
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I hope home sales and prices continue to freefall until they get back to a level where an ordinary human can afford to buy one without a jumbo loan.
Keep falling baby! I want to get a house in the next year or two!
How does the correction of a price bubble have anything to do with a so-called sub-prime meltdown?