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Two Ways To Play: Buzzards Circle Housing Market


Strengthen your portfolio in good times and bad.

The hurt in housing continues in California. Bloomberg reports home prices in the most populous US state plunged 42% in December from a year earlier. In data provided by the California Association of Realtors, the median price for a single-family home fell from $480,920 a year earlier to $281,100.

But not all of the news was so glum, according to Leslie Appleton-Young, the group's chief economist. Affordability is improving across the state as prices fall into line with household income, she said.

Home sales rose 85% after the drop in prices. Investors also seemed quicker to snap up bargains; the median number of days it took to sell a house improved to 46.1 days in December versus 66.7 days a year earlier.

From the Bull Pen: The tape still seems to be in Hoofy's advantage. Bulls can consider intraday vehicles like the ultra long S&P (SSO), but watch for S&P 855 resistance, as Toddo mentioned on the Buzz, and look out for extra volatility after the FOMC announcement.

From the Bear Cave: Bears can consider Apollo Group (APOL). Professor Smita Sadana mentioned this today on the Buzz. A buy stop can be set 2 points from entry.
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