Existing-home sales Off For October
The National Association of Realtors just released data showing existing-home sales – including single-family, townhomes, condominiums and co-ops – fell 3.1 percent in October.
NAR’s chief economist, Mr. Lawrence Yun, said: “Many potential home buyers appear to have withdrawn from the market due to the stock market collapse and deteriorating economic conditions. We have favorable affordability conditions, but we need more than that to give buyers with jobs the confidence they need. This is why a housing stimulus is so critical now to encourage more buyers to draw down the inventory and stabilize home prices. Without home price stabilization, there will not be an economic recovery.”
In the West, existing-home sales eased by 1.6 percent to an annual rate of 1.21 million in October but are 37.5 percent higher than October 2007. The median price in the West was $231,400, down 27.0 percent from a year ago.
Silobreaker: CREA Says Canadian Existing Home Sales Continued To … – CREA Says Canadian Existing Home Sales Continued To Plummet In November.
Southwest Florida Real Estate – October Sales | Southwest Florida Blog – For the second month in a row, Florida’s existing home and condominium sales rose on a year over year basis in October. Thirteen of Florida’s metropolitan statistical areas (MSAs) reported increased sales of existing homes; …
Existing-Home Sales Soften on Economic Volatility – Existing-home sales – including single-family, townhomes, condominiums and co-ops – fell 3.1 percent to a seasonally adjusted annual rate1 of 4.98 million units in October from a downwardly revised pace of 5.14 million in September, …
Existing Home Sales Decline Despite Homes Becoming More Affordable … – Existing Home Sales Decline Despite Homes Becoming More Affordable Mortgage News from Quicken Loans brings you breaking home financing and home buying news, keeps you abreast of changing mortgage rates, and provides helpful tips for …
Existing Home Sales Record Price Drop | The Big Picture – Sales of existing homes dropped 3.1% from the prior month in October, and slipped 1.6% from the previous year. Total housing inventory fell 0.9%. percent to.
Comments are closed.
If you had bought a house 8 yrs ago, it’ll be worth a lot more today than what you would have paid for despite the housing mess. IMO, you lost out by not buying in 2000. But if you couldn’t afford year 2000 prices, then that’s a different story…
real estate for sale san diego
Just because people with funny money from stocks and people who got loans who could not afford them drove prices up doesn’t mean this will last. A home is still your best investment in my opinion.
California personal injury lawyers
Given the ratio to income to sales price in California the foreclosure crisis will be a California problem for many years. Until the recent bubble lending 3 times income was a good yardstick but now it ranges from 6 to 10 times income and this has become the norm. A good example would be the city of Santa Rosa BMR problem that has a cap of 50K income for houses costing 304K using the FHA 3% down program. Low income cannot afford a 300K home; only in California is this type of thinking keep alive by local and state government. In fact the State yesterday wants to give low income families 100% financing for foreclosure homes in the most impacted parts of the state. These homes require extensive rehab which low income citizens do not have and will again provide a new wave of foreclosures in the coming years.
Riverside attorneys
If you are going to buy a home that you are planning on living in, buy one that you can afford, taxes and insurance and maintenance included. The “asking” price does not tell the whole story, nor does the “adjustable” loan. People paid too much thinking they could flip the house, found no buyer and the adjustable loan was “adjusting”, just like they’d been warned. Of course, no one fore saw the gas prices, the electricity prices, the food prices going through the roof, and all the unemployment.
San Diego hotels motels
Not all foreclosures are due to bad mortgages. I would imagine a healthy number are from folks being out of work too. High and prolonged unemployment has gotta spike the foreclosures.
lasik