It’s finally here—statistically speaking—the declining housing market. Though most of us have been blogging about this slowly leaking bubble for the last six to nine months—the cold, hard numbers are out: New homes sales fell for the fourth straight month in a row(declining 2.8%), and the inventory of unsold homes rose to nearly a 10-year high (up 2.4% or a 5.3 month’s supply). This, despite the warmer weather which most expected to boost home sales. The housing slowdown, according to Global Insights latest forecast, will be gradual and take place over the next 3-4 years. That’s just one forecast, but probably fairly reasonable. Given these lastest stats, do you agree?
BusinessWeek editors Chris Palmeri, Prashant Gopal and Peter Coy chronicle the highs and lows of the housing and mortgage markets on their Hot Property blog. In print and online, the Hot Property team first wrote about the potential downside of lenders pushing riskier, "option ARM" mortgages and the rise in mortgage fraud back in 2005—well ahead of many other media outlets. In 2008, Hot Property bloggers finished #1 in a ranking of the world's top 100 "most powerful property people" by the British real estate website Global edge. Hot Property was named among the 25 most influential real estate blogs of 2007 by Inman News.