Existing Home Sales
A: Market players call it stabilization. Lets just review and you can draw your own conclusions based on the data released today by the always trustworthy NAR.
Here are the datapoints for Existing Home Sales (Yahoo Finance):
* Existing Home Sales Hit 9-Year Low
* Sales of Existing Units Fall 0.4% From December & Down 23.4% From Year Ago; slowest sales pace on records going back to 1999
* Median Prices Drop 4.6% From Year Ago Level of $201,000
* Total Housing Inventory Rose 5.5%
* Supply Hits 10.3 Months Up From 9.7 Months in December
Rumor is stocks rallied on this news amidst signs of stabilization and a bottom forming in housing. Im a bit verklempt! Talk amongst yourselves. Ill give you a topic. The housing market is neither bottoming or stabilizing.