Existing Home Sales Take Biggest Fall in 40 Years

By onthefence5141   follow   Mon, 25 Jan 2010, 6:03am PST   ↑ Like   ↓ Dislike   801 views   2 comments   Watch (0)   Share   Quote  

 By Renae Merle

Washington Post Staff Writer
Monday, January 25, 2010; 3:11 PM

http://www.washingtonpost.com/wp-dyn/content/article/2010/01/25/AR2010012502164.html?hpid=moreheadlines

Here is the spin from NAR: "It's significant that home sales remain above year-ago levels," said Lawrence Yun, the group's chief economist. "By early summer the overall market should benefit from [a] more balanced inventory, and sales are on track to rise again in 2010."

Comments 1-2 of 2     Last »

knewbetter   befriend (0)   ignore (0)   Mon, 25 Jan 2010, 8:56am PST   Like   Dislike     Share   Quote   Comment 1

Well that settles it. Now's the time to buy.

¥   befriend (0)   ignore (3)   Mon, 25 Jan 2010, 10:38am PST   Like   Dislike     Share   Quote   Comment 2

"If interest rates rise this year, it could make a home purchase too expensive for some buyers, analysts have said."

AAAAAAAAAAAARGH.

Prices rise & fall on "affordability". You cannot price people out of homes, especially now that so much of the market is underwater already. The only thing pushing people to buy at a higher price will be higher rents, and of course the buy-vs-rent ratio is still somewhat out of whack (though thanks to 4% interest rates, not too bad in most places).

Also note the zero mention of new construction, or the 2010-2011 peak Alt-A reset wave coming upon us.

Watch comments by email

home   top   share   link sharer   users   register   best comments   about   source code  

#housing   #investing   #politics   #economics   #humor  
please recommend patrick.net to your friends