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Finally hitting bottom, or just a mirage?

Posted by Scott Van Voorhis April 21, 2009 09:00 AM

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Itís shaping up to a big week for the housing market.

All eyes now are on three key housing indicators. And by the end of this week, we should have a much better idea whether the signs of progress seen over the past few months are indeed the beginning of the end of the slump, or rather just a flash in pan.

That, anyway, is the buildup some of the business press is giving to the spate of housing market data out this week.

Home sales data is slated to come out Thursday, while new home sales numbers will be released Friday.

On Wednesday, the federal government will come out with home price numbers.

Some, meanwhile, are already predicting a modest retrenchment of sorts after the encouraging housing market signs that began to appear in February and March.

Citing and survey of economists, Bloomberg is predicting that existing home sales, the largest segment of the market, will fall, while new home sales will rise slightly.

Analysts expect that the Federal Housing Finance Agency will report that its price index has fallen by .6 percent Ė not surprising given the huge number of foreclosure sales out there, according to the Washington Post.

I wonít dispute the idea that these numbers will be important to look at.

But I hardly think this is make or break, even if home sales fall back a bit.

That could change if the home sales numbers really crater again, but that seems unlikely.

Weíll see if I have to eat what I just wrote here.

This blog is not written or edited by Boston.com or the Boston Globe.
The author is solely responsible for the content.

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About boston real estate now
Scott Van Voorhis is a freelance writer who specializes in real estate and business issues.

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