NEW YORK (CNNMoney) --" Home prices are down but sales are up, somewhat contradictory trends.
Home prices fell nearly 6% during the six months ended Dec. 31, sending values to their lowest levels in the post-bubble period, S&P/Case-Shiller reported on Tuesday. On Wednesday, the National Association of Realtors reported that sales of existing Foreclosures are falling - but it's a fake out 30% of mortgages are underwater
"At least it's not a double whammy where both sales and prices are dropping," said Stuart Hoffman, chief economist for PNC Financial Services Group. "Deals are getting done."
That's because 26% of all homes sold last year were foreclosures and short sales, according to a RealtyTrac report released on Thursday. That's down slightly from 2009, but a jump compared to 2010."
OIL TOPS $100........this decline has farther to go IMHO. This may be the ONE we have been looking for and warning about.
D
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