Real Estate Quote of the Year

“This looks like it’s going to be the deepest correction of any housing correction since World War II, and the question really is, `What’s the duration, how long will it be?”’ Centex CEO Timothy Eller said at a JPMorgan Chase & Co. conference in Las Vegas on Nov. 27. Source: Bloomberg

Mr. Eller isn’t playing to the media hype either. Look at the fall in existing home sales below:


The peak was reached in 2005, so we are entering the third year of the great fall. Please keep in mind this is the number of exisiting homes sold and is not demonstrating home prices or anything of that nature. In summary the chart demonstrates the level of activity in residential real estate.

Hat tip: The Big Picture

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