Home Sales Index Falls To Lowest Level Ever!
The National Association of Realtors reported today that their Pending Home Sales Index, based on contracts signed in November, dropped 4.0 percent to 82.3, the lowest level since the series started in 2001. Lawrence Yun, NAR chief economist said: "Mounting job losses and very weak consumer confidence deterred home buyers from signing contracts in November. December's housing market activity could be comparably lower due to ongoing problems in the economy."
November's reading was 5.3 percent lower than a year-ago and October's pending home sales index was revised down to 85.7. San Diego real estate agents
Related other blogger’s posts:
Economic Slump Weakens Pending Home Sales – Wall Street – The current index is the lowest since the series began in 2001. I'll just repeat my comment from last month: Existing home sales have been boosted by all the distress sales in low priced areas. Over time, as foreclosure activity shifts …
TheStar.com | Business | U.S. pending home sales plunge to record low – So November's decline foreshadows bleak results for December's existing home sales numbers, set to be release Jan. 26. Sales contracts fell around the country, but were weakest in the Northeast and Midwest. The Realtors' index was down …
Pending home sales index down 4% in November – MarketWatch – The index, which is considered a leading indicator of existing home sales, was down 5.3% from the prior year. Pending home sales in November fell in all four regions, with declines of 7.2% in the Northeast, 6.7% in the Midwest, …
Pending Home Sales Index Collapses | The Big Picture – PHSI, Annual % Change, 2002 – 09 > The Pending Home Sales Index fell 5.3% below November 2007 when it was 86.9, based on contracts signed in.
San Diego Real Estate – It Could Get Really Ugly
Did you see Fortune magazine's article (12/22/08) regarding their picks for the worst 10 real estate markets in the nation for 2009? Eight of the 10 worst markets they've called are here in California. Fortune's article projected valuation losses in the eight California cities of 21-25% for 2009 and additional 2-5% losses for 2010. Really, not what you want to hear anytime, but especially at new years.
Related other blogger's posts:
- San Diego Real Estate Bubble Caused Local Recession : The Real …
- Housing Analysis: Real Estate Prices fall again in December 2008
- The Housing Chronicles Blog: Investors returning to California's …
- The Housing Bubble Blog » Bits Bucket For January 6, 2009
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- VANCOUVER, B.C. – January 5, 2009 – The record-breaking real estate market cycle in Greater Vancouver, longer than normal at seven consecutive years, ended in 2008 amidst global economic challenges. The change brought relief from rising …
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- Motivated sales, which include foreclosure auctions and banks selling homes taken over for non-payment, increased 193 percent from January to October 2008 from a year earlier, New York-based real estate data company Radar Logic Inc. …
- San Diego Real Estate Bust of 1945? by bob711 — published on December 10th, 2008. This is a must watch video, with a lot of solid points. This real estate bust is NOT fair! Already the California legislature is considering a four month …
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