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Average time of sale is usually the first warning, sometimes a false warning, of an impending top. In 2005 in Los Angeles prices slowed their rate of increase in the early fall and average time of sale increased from the late fall into 2006. Prices peaked, IIRCC, in July of 2006 but it took until 2007 to confirm that prices had actually begun to decline.

"It is not necessary to have hope in order to persevere."
by ARGeezer (ARGeezer a in a circle eurotrib daught com) on Sat Feb 12th, 2011 at 05:35:27 PM EST
That slow? I thought it would go a bit faster.

Sweden's finest (and perhaps only) collaborative, leftist e-newspaper Synapze.se
by A swedish kind of death on Sun Feb 13th, 2011 at 05:02:28 AM EST
[ Parent ]
It can seem like eternity, especially when you are making life changing decisions. I sold in LA right at the beginning of the process. I advertised in September, accepted an offer after Thanksgiving, Nov. 30, IIRCC, we moved over the New Year and closed in mid January. All the while the market drifted higher on declining volume. The average price peaked and plateaued in July and had shown some decline by January, 2006, but most sellers and almost all the press were still in denial. The big declines did not come until 2008.

"It is not necessary to have hope in order to persevere."
by ARGeezer (ARGeezer a in a circle eurotrib daught com) on Sun Feb 13th, 2011 at 10:44:28 AM EST
[ Parent ]

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