2% Increase In Existing Home Sales For May
Existing home sales
Today the National Association of Realtors reported existing home sales increased to a 4.99 million-unit annual rate. But, even with this slight increase, the median national home price declined 6.3 percent from a year ago to $208,600.
Paul Bishop, a senior economist with the National Association of Realtors said "Sales remain fairly flat at the 5 million mark". Also, personally, I would really like to know what percent of the existing home sales were foreclosure/distress sales. In many California areas, the majority of existing home sales are foreclosure/short sales. San Diego County California real estate agents
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4 Comments
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It’s just surprising that so many people with the clear signs that were present in 2004 and 2005 didn’t say that the San Diego real estate bubble was about to bust
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Measuring the percentage of total mortgages in foreclosure does not tell the whole story. Late payments on credit cards, revolving charge accounts and automobile loans are worrying the Fed also. And the number of mortgages in foreclosure today also does not speak to the number that are expected to follow.
San Diego Plastic Surgeon
So, who is to blame for all this subprime lending? The Realtors proclaim their innocence from the highest mountains in all the lands, with seven flags from seven hills with bugles blowing and blazing through the night, with a PR campaign to boot and one, which is out of sight.
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The job of a realtor is to show homes that fall into a certain price range (usually a price range recommended by the lender…not the real estate agent).
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