It has been said if it is Good News it is not News. It has also been said Figures don't lie but liars figure.
The economy and the housing market news is not positive, but there is no reason to make it seem worse than it is. Just like Chicken Little screaming that the Sky is Falling the News Networks love to talk about July Housing Slump without putting it in context.
Few people mention that there was a huge surge of closings in June due to the original deadline on the First Time Buyer Tax Credit Deadline of June 30, 2010. After a huge surge a fall off should be expected. With incredibly low interest rates and prices I expect the trend to smooth out over the months ahead.
Each market is local. Our market is a "Sellers Market." The prices have already been lowered to reflect the down turn. The housing supply in local communities is 3 months at best. Anything under 4 months is a sellers market.
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Wow Gene you've got a sellers market. That's good. What priced point? I'd say we've got one as well in the lower end (under 100). Our upper end is still dropping. And - I agree with what you're saying. So many folks don't see the opportunity in the chaos. Now is an investors dream here in AZ - they should be buying like crazy.