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This is only going to get worse, but in reality it's better as the prices adjust to their intrinsic values and affordability. Look for another 20%-25% haircut in prices. Soon we will be down 40%-50% from peak prices. And that's a good thing.
Raise the interest rates. We need a Real Housing Recovery. Not a bubble re-inflation.
Gone in a matter of days.
joshuatrio saysGone in a matter of days.
So will your buddy's business when things get far enough along.
joshuatrio saysGone in a matter of days.
So will your buddy's business when things get far enough along.
•The National Association of Realtors said on Tuesday existing home sales declined 6.4 percent to a seasonally adjusted annual rate of 4.99 million units last month.
•Economists polled by Reuters had forecast existing home sales falling 1.0 percent to a rate of 5.25 million units in December.
U.S. home sales tumbled to their lowest level in three years in December and house price increases slowed sharply, suggesting a further loss of momentum in the housing market.
The National Association of Realtors said on Tuesday existing home sales declined 6.4 percent to a seasonally adjusted annual rate of 4.99 million units last month. That was the lowest level since November 2015.
November's sales pace was revised slightly up to 5.33 million unit from the previously reported 5.32 million units.
Economists polled by Reuters had forecast existing home sales falling 1.0 percent to a rate of 5.25 million units in December.
Existing home sales, which make up about 90 percent of U.S. home sales, plunged 10.3 percent from a year ago. For all of 2018, sales fell 3.1 percent to 5.34 million units, the weakest since 2015.
More: https://www.cnbc.com/2019/01/22/december-existing-home-sales-down-6point4percent-vs-1point3percent-expected.html