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Dear January, The housing market is much better now.

Altos 20-City Composite: Days-on-market (red) is now declining with the lowest active market inventory (green) in the seven years

Altos 20-City Composite: The price of new listings (red) entering the market each week are pricing higher while existing sellers are taking few price reductions (green)

From yesterday on Calculated Risk -”House Prices & Lagged Data” -

But sometimes the lag can be much longer. Tomorrow morning the January Case-Shiller house price index will be released. This is actually a three month average for house sales recorded in November, December and January.

But remember that the purchase agreement for a house that closed in November was probably signed in September or early October. So some portion of the Case-Shiller index will be for contract prices 6 or even 7 months ago! [emphasis added]

Signed,

April

P.S. The weather’s been unseasonably warm this Spring.

P.P.S. Go to Las Vegas right now immediately and take whatever odds you can get on the Giants to win the Super Bowl.  Trust me on this.

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