Good News From Accross The Pond

[Realistbear]

http://www.builderonline.com/industry-news...rticleID=234244

The median condo price hit $265,000 last month. That's down 2.3 percent from a month earlier and

9.6 percent

from July's peak at $275,000.

"It sounds more and more like the housing adjustment is a

harder landing

in Massachusetts than elsewhere in the country," said economist Nicholas Perna, head of Perna Associates in Ridgefield, Conn. "I don't think we are seeing anything like that in the country as a whole. My guess is that Massachusetts is among the most seriously affected."

But the EAs do what they do in the UK and spin the dismal news:

Although house prices are

down about 10 percent

from July's peak, MAR President David Wluka isn't alarmed.

"This is not a harbinger of anything I see other than a return to normalcy," he said.

Existing home sales dropping accross the US:

http://www.builderonline.com/industry-news...rticleID=233647

Thursday's report also showed that the number of existing homes available for sale rose 1.2 percent in November to a pace of 2.90 million units, the

highest level since April 1986

.

And this is just the beginning of the housing cycle--2006 will be interesting.

Edited December 31, 2005 by Realistbear

[Killer Bunny]

http://www.builderonline.com/industry-news...rticleID=234244

Thanks RB

Duly sent to the FT's Boston correspondent! Seriously.

FP