It was a big, bad and highly disappointing week for housing.
Existing sales fell 9.6% for the month of February to the lowest number seen in almost a decade.
Housing starts posted the biggest decline in almost 30 years in and home builders added the smallest number of new homes since 1967. Builders cut back due to rising foreclosures and high unemployment.
Meanwhile, supply ticked up to 8.9 months worth of new home inventory on the market.
In the accompanying video, The Daily Ticker gang talks about the overall grim reality of the housing market. Until the excess inventory is taken up -- which could take five to ten years -- there will be no price support, Dan says. Right now the market outright "sucks."
But all the negative housing numbers this week have some contrarians wondering: Have we hit a bottom?Gary Shilling, of A. Gary Shilling and Co., says, "no." He told The Daily Ticker earlier this week that prices have another 20 percent to fall and that prospective buyers should hold off for a while. (See: Gary Shillings 5 Things to Worry About)
The ultimate question these days is whether owning a home is still a good investment. Absolutely not, says James Altucher of Formula Capital. He told The Daily Ticker he'll never own a home again. (See: Why I Am Never Going to Buy a House Again)
Tell us how you feel about the housing market!
- James Altucher
- take five