| « More Problems in the Mortgage Business | Bankruptcy Judge Makes Honest Comments on Proposed Sale in Ch 11 » |
Worst Home Sale Drop in 18 Years
The National Association of Realtors said earlier this week that home sales suffered the largest drop in sales in 18 years. A spokesman for the group said that sales of existing homes fell 8.4% in March from February, the largest single month drop since 1989.
The group acknowledges that fallout from the subprime lender situation is a cause in some of these numbers. The situation has made it more difficult for buyers with low credit scores to buy homes. He did say that the situation is masking improvements in fundamentals in the housing market and expects the numbers of home sales to rise the second half of the year.
An economist with Wachovia however is saying that potential home buyers are more wary with the current problems in the housing market. He said that this is one reason why the consumer confidence index, also released Tuesday, has dropped.
For more information, please read the following CNN article: http://money.cnn.com/2007/04/24/news/economy/home_sales/index.htm?postversion=2007042412
Ray
Comment feed for this post