Can't get a loan, can't buy a house

Everything below was stolen without mercy from Mark Perry's Carpe Diem blog.

If banks aren't making loans...

If nobody is buying houses anymore...

If the housing market is frozen and stuck...

Then what about these graphs?



That goes with this statistic:

The median number of days it took to sell a single-family home was 46.1 days in December 2008, compared with 66.7 days for the same period a year ago.

That can be summarized by this quote from the California Association of Realtors:

“The decline in home prices has brought the cost of housing more in line with household income, improving affordability across the state,” she said. “This should be especially helpful for first-time buyers who can qualify for a home loan.”

Funny how supply, demand, and the price curve work, isn't it.