“These data are a strong indication that the housing market is cooling in a very significant way,” said James Lockhart, OFHEO director. “Indeed, the deceleration appears in almost every region of the country.”
It’s the fastest deceleration in the index in its three-decade history, OFHEO said.
… Prices fell in the second quarter in four states: Michigan, Massachusetts, Ohio and Indiana.
Prices in Hawaii, Maryland, Virginia, Nevada, New Jersey, the District of Columbia, and California cooled to less than 0% annualized growth in the second quarter. [emphasis added]
And in other housing news:
The housing stock nearly has quintupled and prices are virtually flat when compared to last year’s levels. Home sale time-frames now are measured in months, not days.
“Yeah, we miss those times,” Darrell Muhammed, a local agent, said of last year’s market.
While average prices have yet to tumble, concern mounts that an ever-increasing housing inventory, coupled with coming hikes for variable rate mortgage holders, could send the market south in a hurry.
Planned U.S. layoffs surged 76 percent in August compared with the previous month amid signs that a slowdown in housing was starting to have an impact on employment, an independent report showed on Tuesday.
… “Job-cutting in real estate this year is nearly double last year. However, we have not as yet seen a major uptick in job cuts in the sectors we might expect during a significant slowdown. The housing slowdown has not had a major impact on the job market, yet.”[emphasis added]