Housing Slowdown - Healthy Signal or Coal Mine Canary?

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Posted To: MND NewsWire

Redfin, a multi-state real estate firm based in Seattle, says it is seeing "signs of an enduring slowdown" in the housing market. This isn't necessarily bad the company says, citing anecdotal information about bidding wars and mammoth profits rung up by short term owners. Slowing could mean a normalization of the housing market. Or it could be another indication that the economy is slowing as well. Redfin's Housing Demand Index tracks home tours and purchase offers in 15 metropolitan areas served by the company. It showed a 6.7 percent drop in June, a far steeper decline (albeit from a far higher level) than at the same time last year. The company says it expect prices to grow at a modest 2.2 percent in August (we assume that is an annual projection.) Redfin noted that June's Pending Home Sales...(read more)

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Source: http://www.mortgagenewsdaily.com/08042015_housing_market_health.asp

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