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Some Hope Getting Little Attention

This past Friday, I was looking at the Reuters newsfeed that provides alot of the data that I rely on daily. Of the most recent 50 stories, all but one related to the negative state of the economy, stock market, etc…

What started the domino effect was the decline in US housing prices as sub-prime mortgage rate increases created a slew of foreclosures. Well, we may just be reaching the end as one headline stuck out for me which was that home sales in the US saw their biggest increase since 2003 and that inventories dropped to their lowest level since February. As well, foreclosures declined month over month by 12%.

To view the story, click here

The largest asset for most people is their home. If home prices begin to stabilize, we may actually start to see some stabilization to our financial system as mortgage write offs decline and prices of mortgage backed securities and other fixed income investments return to more normalized values.

What are your thoughts? Do you think we are nearing the bottom of the housing problem?


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