According to NAR, existing home sales are up a little, and inventories are down a little, meaning that the months supply measure is down a little. It could all be within the confidence interval of the estimates, but still, it is the first decent news in awhile. Lawrence Yun's commentary is pretty much on the mark.
The big drop in the Case-Shiller Index is not so bad either. As prices fall, the rent-to-price index rises to a point where it is fundamentally wise to buy a house. The sooner this happens, the better.
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