It is all happening.....

It is hard to imagine but the stock market is not getting any easier. Last night, the Dow index punched through the support and triggered a classic bear signal. Looks like the merciless bear is back in charge.

Talking about bear, wonder if there is a bear strolling through LNS these days. Yesterday, I noticed quite a few houses having lowered their asking price. A $2M house in Wollstonecraft cut the asking price by $50K. Two $3M+ house in Cremorne cut their asking price by $300K. However, cutting asking price is one thing but it does nothing if the asking price is too high to start off with.

A more useful indicator is a recent sales on H*lt Avenue in Mosman. A 4 bedroom house went for $1.525M. I remember several comparable houses were sold for $1.9 to $2.1M or so. Have not seen the latest one but I suppose it should be fairly comparable to the houses sold in 2008.

Not a bad fall but  it feels like it is an isolated transaction. Pressure is slowly building on other sellers as well. I have heard of a seller offering to pay for the building inspection. Things are cooking but I wish more houses would come on the market. A common complaint these days is there are not a lot of listings out there. One presumes most sellers still want to wait through this mess before they sell.

The tug of war continues.....