Florida Home Sales Increase in February for the 18th Month As Falling Prices Stimulate Sales
"Florida’s existing home sales rose in February, which means that sales activity has increased in the year-to-year comparison for the past 18 months, according to the latest housing data released by Florida Realtors.
Existing home sales increased 21 percent last month with a total of 11,890 homes sold statewide compared to 9,867 homes sold in February 2009. Statewide existing home sales last month increased 13.6 percent over statewide sales activity in January. Florida’s median sales price for existing homes last month was $131,300; a year ago, it was $141,800 for a 7 percent decrease."
From Larry Kudlow's article "Foreclosures, Lower Prices Will Do Trick":
"And take a look at places like California, Florida and Las Vegas, where foreclosure activity has been high and prices have fallen the most. What you see is a sharp pickup in home sales, which is steadily clearing away the price-depressing inventory overhang of unsold homes. In other words, market forces work."
From Barry Ritholz's blog:
"It may sound counter-intuitive, but the best thing for the nation (but not necessarily the banks) is to allow the foreclosure process to proceed unimpeded. We need more, not fewer foreclosures."