Home Sales Fall In March… Seventh Month In A Row
Today, The National Association of Realtors said sales of existing single-family homes and condominiums dropped by 2 percent in March. This drop marked the seventh consecutive year-over-year drop in prices, although the March sales price was up slightly from a February.
Three regions across the nation saw a median home price decline, while the Northeast saw a gain of 4.6 percent. The West saw a 14.7 percent drop in home prices from a year ago.
"This has been a frustration of our members," said NAR chief economist Lawrence Yun. "Lenders have been dragging their feet (in approving short sales)."
Of the homes for sale, 18 percent have negative equity and so are either in foreclosure proceedings or headed for a 'short sale' that will see the lender write off some of the original loan amount. San Diego downtown condominiums
The Federal Reserve provides the mother’s milk for the booms and busts wrongly associated with a mythical “business cycle.” Imagine a Brinks truck driving down a busy street with the doors wide open, and money flying out everywhere, and you’ll have a pretty good analogy for Fed policies over the last two decades. Unless and until we get the Federal Reserve out of the business of creating money at will and setting interest rates, we will remain vulnerable to market bubbles and painful corrections. If housing prices plummet and millions of Americans find themselves owing more than their homes are worth, the blame lies squarely with Alan Greenspan and Ben Bernanke.
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This is NOT good housing news! I have not checked in here for a while because I thought it was getting boring, but the last several posts are good quality so I guess I will add you back to my everyday bloglist. You deserve it my friend