While the volume of existing-home sales across the U.S. fell 10.7% in August from the previous year, according to the National Association of Realtors, there are signs that the most damaged of markets are starting to heal themselves. Across hard-hit California, sales volumes rose 65% in September compared with a year ago, said MDA DataQuick, a San Diego-based real-estate information service.
I think the one question everyone wants to ask is, (to blatantly mix metaphors), “is this just a ‘dead cat bounce’ or is kitty ready to land on all fours?”
California Home Sales Revive, But Not Without Intense Pain
Michael Corkery and Jonathan Karp
October 22, 2008