December Home Sales Nation Wide See Biggest Drop Since 1989
Sales of existing homes fell in December, closing out a year in which demand for homes slumped by the largest amount since 1989.
The National Association of Realtors said sales of existing homes fell 0.8 percent last month to a 6.22 million annual rate, a bigger decline than had been expected.
For the year, sales dropped 8.4 percent to 6,480,000 homes, the biggest annual decline since 1989, when existing home sales fell 14.8 percent. In 2005, 7,075,000 existing homes were sold. [tags]home sales, real estate, housing market, real estate sales, real estate market, real estate bubble [/tags] San Diego MLS
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Foreclosures and bankruptcies all across America are already spiking,
despite government assurances that we’re all enjoying a growing
economy and a promising job market. Those government assurances are
all a big, fat lie! The unemployment figures are completely
unreliable, since those dropping off the unemployment compensation
rolls are no longer counted, even if they remain unemployed after
their benefits run out. It’s all a big, fat lie, and I have a
terrible sense of foreboding of what is to come, because this economy
is not built with underpinnings that can withstand even the slightest
breeze.
With the housing bubble bursting, the economy in general will soon decline
along with the housing prices, even while stock prices are increasing. I’m
sure someone will want to refute some or most of my analysis. Los Angeles lawyer
Real estate and housing is no different from any other monetizable
asset in principle. With the market value of what is most people’s
major asset dropping sharply (as isl happening in all areas where there has
been “bubble” – rapid, significant appreciations in price), these
people will soon not be able to finance their present levels of consumption or investment.
Gradually rising rates will make purchasing a home less attractive than renting for many people. That will lower house prices, increase rental prices. San Diego medical research trials
Keep up the ‘real’ real estate story!
Larry B.
Fort Worth attorneys
Tough times in real estate may change the San Diego conventional wisdom that you can never lose in real estate.
Brooke
Acne Medicine
Great article! I’m so happy to be a renter vs homeowner!