Bargain Hunters Help Shrink Housing Glut

Wall Street Journal:

Lower home prices are luring some buyers back into the U.S. housing market, but foreclosures and a weakening economy are likely to keep downward pressure on prices for at least another year, economists say.

A quarterly Wall Street Journal survey of housing data in 28 major metro areas shows that the glut of unsold homes listed for sale is shrinking in most of them. In many cases, sales have been stimulated by investors who are grabbing what they see as bargains on homes that can be turned into rentals. Metro areas with the biggest drops in for-sale signs include Sacramento and Orange County in California and the Virginia suburbs of Washington, D.C.

Read the whole story: Wall Street Journal

Comments

[mayfly0]

Investors with money are probably buying them, then they will rent them out at high prices. As the prices have fallen so low. Just a thought I have, wonder when it was going too happen.

[tompoe]

Buyers represent how many millions in the market, today? Somehow, I find it hard to understand where the numbers are coming from. I certainly don't understand how the credit crunch is permitting anything close to "normal" from occurring.

[watchTVgetSTUPID]

This is criminal white collar crime. The stockholders are being defrauded by the CEOs and the individuals who deliberately set up these "payouts". This is not a payout, it is organized criminal rackateering designed to steal the stockholders' money and give it to the CEO. The others at the top who made this happen also got their cut of the loot.

ENFORCE RICO NOW