On Monday numbers were released on U.S. existing-home sales, showing that they’ve surged about 25% from January through September of this year—good news, right? On Wednesday new-home sales figures will be released, and they’re expected to continue to drop (the Commerce Dept. already announced that new-home construction sank 10.6% in October)—bad news, right? Throw in generally stabilizing home prices mixed with an expected jump in foreclosures and we have one seriously clouded picture of the U.S. housing market. What, if anything, can we make from the numbers?
Richard Green, director & chair of the USC Lusk Center for Real Estate