Housing Holds
03/26/2014 | | econ70, Economic forecasting, economist on radio, economist on TV, eisenberg and economics, Eisenberg and housing economics, Eisenberg and public speaking, Elliot eisenberg, existing home sales, funniest economist, funny housing economist, Graphsandlaughs, graphsandlaughs and eisenberg, Home Sales, housing sales, MLS, mortgage banking, Multiple listing service, politics and economics, Public speaking economist, slumping home sales
While many fret that existing housing sales have recently been slumping, the angst is misplaced. Since early last year sales have declined 7%, but distressed sales as a percentage of all sales have fallen from 25% of sales to just 15%, a drop of 10 percentage points, more than the 7% drop in sales. Thus, the total volume of non-distressed sales is higher than it was a year ago. Relax.