Went to check on my old house which I blogged about a couple of weeks ago. It's still on the market and is set to get a price reduction. It's at two weeks on the market, and houses are getting price reductions at 17 days. And the price reductions are pretty savage. I'm still seeing 100k price reductions on houses in the 1.1 million dollar range. And 10-45 grand price reductions in houses under a mil.
Hell - mobile homes are still getting savaged. For example one was listed five weeks ago at 170,000 and they have been marking it down every week. Now selling for 130,000. A MOBILE HOME! Another was listed on 9/17 for 130,000. and currently is being listed for 110,500.
Retail sales will not improve until moral improves. I see all these articles today about how they are not going to do an interest rate cut. I would be very surprised if they didn't.
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