Here's something new
From my story today:
The end of the housing downturn? No, said Mark Zandi, chief economist at Moody's Economy.com, but he thinks it is "the beginning of the end." He and many economists have been saying for months that the housing market won't right itself until prices drop significantly.
"Sellers are cutting prices, and that's now putting a floor under sales," said Zandi. "That's the first step in what will be a long housing bottom."
Unlike the national figures, Baltimore metro area sales aren't seasonally adjusted, which means there's no use comparing the normal upturn in February to sales in, say, December or November. But you can compare the January-February increase to previous January-February periods, and this year's was the biggest since Metropolitan Regional Information Systems first started tracking those months back in 2000.
Median prices in our metro area -- the city and five surrounding counties -- dropped 2.5 percent last month from a year earlier.