Pending home sales June 27 were below those at the low point of the housing crisis.
As I began posting this I noticed there are several old threads on the topic.
Obviously, this is not a sudden thing. It has been a long time coming.
To be clear:
When something (an entire category) stops selling, it is usually but not always followed by steep decline in price.
“A hot-selling Christmas item rises in price, the price declines after Christmas,” is the most typical model.
But there are other possibilities such as “gas pipeline blows up & gas prices rise.”
