Editor’s note: The following article comes from the Inman News Blog, where readers can add comments and engage in discussions. Click here to join the discussion and tell us what’s happening in your market.
Is it that nasty?
Back from China anxious for some good news, UGH, not to be. Some troubling data and anecdotes paint a pale picture for the real estate market:
1. Sales measured by contracts, not closed transactions, are down in the “late teens” this month. Source: large national company.
2. Short sales are slopping more troubled inventory onto the market at lower commissions as banks do their cram-downs on agents. (Otherwise commissions are up). Source: prominent East Coast Realtor
3. The “residential market sucks.” Source: big title executive.
4. Discounters are getting hammered, and Web discounters are getting sledge-hammered. Source: A credible discounter.
Is it that bad? Give us some insight from your corner of the world.
