Hopeful signs seen in Twin Cities home sales

<< illustrating how lowered expectations have become, the metro area's median sale price dropped 7.9 percent from the same period last year >>

The 'median sales price' plunge is not what it appears to be. That statistic presumes that the median home sold over time is comparable. However, that is not the case. There is a glut of fire sale, foreclosure homes on the low end and the 'jumbo' market has seized up for the most part. The median home sale currently is a lot less home than it was a year or two years ago. That accounts for quite a bit of the 'drop' in home values.

This is what passes for a "hopeful sign" in the current economy. Ouch.

Obamanomics wrote:

This is what passes for a "hopeful sign" in the current economy. Ouch.

Apparently you haven't been watching the news, or been lost in the fever swamps. The economy is doing much better than expected; 0.6% growth is not even close to recession. There is no evidence of recession, and we are past the danger point.

Jobless claims post sharp decline

http://biz.yahoo.com/ap/080508/economy.html

Did a real estate broker write this.

The housing plunge is continuing until the prices get in tune with the median income. Its called a market adjustment.

Don't tell the current administration. They'll find a way to make the housing market suck again.

Of course no real estate broker will ever admit how horrible things really are. They need suckers to buy homes so they keep talking as if the housing slump will get better shortly. It's not much different than the posts above by Cybear and Red Ryder who never will even admit that the economy is in trouble. They are like President Bush and could never utter the R- word but will keep clutching at straws with any bit of supposedly good news as proof things are going to be great again shortly. Heads stuck in the sand!