Source: Housing Wire —
For the fifth consecutive month, pending home sales declined in March from February, down 1.2%, signaling a potential return to “much calmer” conditions, according to the National Association of Realtors.
Only the northeast region saw an increase in pending sales in March from February, according to an NAR news release based off data from its pending home sales index. But compared to the prior year, “pending sales fell for the 10th consecutive month, by 8.2%, with pending sales down across all regions.”
Lawrence Yun, chief economist for the NAR, said the dip in contract signings suggests “multiple offers will soon dissipate and be replaced by much calmer and normalized market conditions.”
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So, the NASDAQ is down 21% so far (running at 1939 levels) and credit card companies and banks have raised – and will continue to raise interest rates thereby forcing major bankruptcies and possibly foreclosures once again…and you say the housing market will return to normal? If “normal” means 2008 levels…you may be right.
I don’t think so. The inventory is so low there is not enough to sell!