WSJ Claims Housing Market Has Bottomed

Whooo hoooo!!!! I read an article in the Wall Street Journal yesterday claiming that the housing market has hit rock bottom. Read it here.

Now I must admit the author makes a good argument, however, I’m going to have to disagree. From where I’m standing the downtrend is still accelerating not to mention bottoming. Every month that passes has brought inventories higher, less homes sold, and bigger and bigger price declines. If you read my last post regarding the year over year comparison of single family home sales in April you will see my point. I have yet to see a month that has been better than the previous one. I doubt April ‘08 will mark the bottom of the housing downturn – at least not in Rhode Island.

-Martin