Sales of Existing Homes Fall

uscitizen

uscitizen

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Sales of Existing Homes Fall
Oct 25 10:15 AM US/Eastern

By MARTIN CRUTSINGER
AP Economics Writer

WASHINGTON



Sales of existing homes fell for a sixth straight month in September and the median sales price dropped on an annual basis by the largest amount on record, further documenting a lukewarm housing market.

The National Association of Realtors reported that sales of previously owned homes fell by 1.9 percent in September to a seasonally adjusted sales pace of 6.18 million units, the slowest sales rate since January 2004.

The median price of a single-family home fell to $219,800 last month, a drop of 2.5 percent from the price in September 2005. That was the biggest year-over-year price decline in records going back nearly four decades.

Housing, which had set sales records for both new and existing homes for five consecutive years, has been rapidly loosing altitude this year, as consumers were battered by rising mortgage rates, soaring energy prices and a slowing economy

link:
http://www.breitbart.com/news/2006/10/25/D8KVN3000.html


also Foreclosures are up by 53% this year over last.
 
yeah baby,
about 10 more months of declining prices of 1 to 2% and I'll be able to buy a reasonably priced house in Covington, La. This should also help to keep mortgage rates low.
 
If the finiancial institutions that handed out all that "creative" financing are losing their butts on foreclosures, how will the mortgage rates stay low ?
The rate of foreclosures are expected to jump again next year as the variable or no rate interest rates kick in...
 
see if you went to school or at least read the wsj twice a week you know.
Actually the sky is not falling, while rising delinquencies are coming off 30yr lows and are still below average. Banks are raking it in and mortgage interest rates are headed back down.
 
Sales of Existing Homes Fall

Maybe it's because they are buying NEW homes? Hmmm?

Isn't it funny how only the Democrats are consumed with reporting bad news? Everything is a negative, it doesn't matter what it is, as long as it's negative, they feel it will help them win back power.

The stock market is at an all-time high, unemployment is the lowest it has been in forever, every economic indicator is soaring, and this idiot wants to focus on existing home sales. I guess we are all supposed to panic and think the sky is falling on the economy, and we better elect Democrats before it's too late, or something. That is all I can make out of this strategy.
 
Did I say the sky was falling spinner ? why do you overreact so ?
Experts expect the Mortgage default rate to double it's current rate next year.
Nope the sky is not falling, but it is not all clear and blue either ;)
 
Home Price Drop Is Largest in 35 Years
Oct 26 10:12 AM US/Eastern

By MARTIN CRUTSINGER
AP Economics Writer

WASHINGTON



The median price of a new home plunged in September by the largest amount in more than 35 years, even as the pace of sales rebounded for a second month.

The Commerce Department reported that the median price for a new home sold in September was $217,100, a drop of 9.7 percent from September It was the lowest median price for a new home since September 2004 and the sharpest year-over-year decline since December 1970.
link:
http://www.breitbart.com/news/2006/10/26/D8L0C4N00.html

Looking bettwer for those looking to buy, just be careful on those creative mortgages.
 
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