U.S. existing home sales fall 7.2% to 7-month low

February 26, 2010 by · Leave a Comment
Filed under: Real Estate News 

It’s not good news,” said Lawrence Yun, chief economist for the real estate industry lobbying group. “There is rising concern about the strength of the housing recovery.”  This is what I have been thinking for some time, with the amount of support we have in the system and high unemployment.   We need to work on creating jobs that provide an income that will support and mortgage payment and property taxes.

Resales of U.S. homes and condos fell 7.2% in January to a seasonally adjusted annual rate of 5.05 million, the lowest in seven months, raising concerns about the durability of the housing recovery, the National Association of Realtors reported Friday.

Sales of existing homes have fallen two consecutive months after rising steadily through the fall on the back of a federal subsidy for first-time home buyers. The 16.2% decline in December was the largest on record; January’s decline is the second largest since 1999, when the NAR began tracking consolidated sales of single-family homes and condos.

Economists surveyed by MarketWatch expected sales to be relatively flat after December’s record decline.  “It’s not good news,” said Lawrence Yun, chief economist for the real estate industry lobbying group. “There is rising concern about the strength of the housing recovery.”

Yun said he still hoped for a surge of sales in the spring in reaction to the renewed and expanded tax credit for buyers. “Let’s see what happens in the spring.”

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