Has Housing Hit Bottom? Um, No. Sorry We Asked.

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Old journalism rule of thumb: if a headline asks a yes-or-no question, the answer is always ‘No’ (Think about it: if the answer was ‘yes,’ why would you pose it as a question?).

So to our earlier question, ‘Has Housing Hit Bottom?’ the answer is, ‘No.’ Or, alternatively, ‘No,you dope.’

The proof is in today’s news of continued declines in existing home sales in California. Highlights:
--Statewide, sales of existing home in April fell 27.8% from year-ago levels.
--On a month-to-month basis, April sales fell 13.3% from March.
--The ‘unsold inventory index’ -- how many months it would take to sell off the current inventory of for-sale homes -- rose to 10 months, from 5.7 months a year ago.
--As the lower-priced market stalled, median prices rose -- 6.2% from year-ago levels statewide, to $597,640.

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Photo Credit: Reuters