Herewith a few little notes on home sales, financing, facts, and fantasies.
First, if you read the newspapers and magazines and watch the news shows on TV about finance, you'll see that there's a housing catastrophe out there.
Let's look at the facts, as someone used to say. Yes, real estate has corrected powerfully from its peak in the spring of 2005. Yes, there are a very large number of homes for sale compared with the usual metrics. And, yes, there are many homes in foreclosure by normal standards.
But on a national basis, residential home prices are still up roughly 60 per cent from their levels of 2000.
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