Tuesday, August 02, 2005

More Anecdotal Evidence of a Slowdown

The following item is a reader's e-mail to Bill Fleckenstein at his excellent site Fleckenstein Capital.

The reader writes:

"here's a little housing anecdote that i came across this weekend:

a friend of mine who lives in westchester county (an expensive suburb just north of nyc) recently sold their house in february of this year for $1.6 mil after having lowered it from $1.975 during the 8 months that it was on the market. this friend recently ran into their (well-known and successful) broker who told them that they were lucky to have sold their house when they did, because while the number of listings have skyrocketed, the number of buyers has dropped dramatically and there is 'little to no traffic. no one is looking.'"

Of course, this tidbit is merely anecdotal, and moreover, anonymously posted and unconfirmed. Still, I thought I would post it here for what it is worth. If readers of this blog have similar stories to relate please post them in the comments.


By the way, for those of you who don't know him, Bill Fleckenstein is a fund manager on the short side and has been writing about the housing bubble for quite some time now. For those of you who don't want to pay the subsription for his daily market insights, his Friday market rap appears free courtesy of www.msn.com as the Contrarian Chronicles. For those interested in his daily musings, you can subscribe at: Fleckenstein Capital

3 Comments:

Blogger Dave S said...

This post has been tagged and ranked as one of the Quality ‘Housing Bubble’ Posts We-Rank has identified.

6:46 PM  
Blogger Peter Herman said...

Dave,

Thanks for posting here and thanks for the ranking.

Best regards.

Peter

8:41 AM  
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