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Two Ways To Play: Buzzards Circle Housing Market

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Strengthen your portfolio in good times and bad.

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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.
No positions in stocks mentioned.

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