Yesterday there was new information released about the US housing statistics. Seems that the inventory of houses on the market from the past six months is the highest in 10 years. Enter the buyers market…

An estimated 550,000 houses are currently for sale in the US and there has already been a 10% decline in sales activitiy.

It was also reported that builders involved in the huge condo boom in Miami Florida are halting construction on projects in fear of being caught holding the bag. Housing starts are down 30% and most of the big housing stocks are in decline.

Foreclosure activity has increased in New Jersey as well. We are noticing an increased amount of public notices, lis pendens and longer sale lists. Lower upset amounts at sales combined with gossip of REO Brokers coming back in a big way.

Are these the signs of a bust?