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Existing Home Sales Fall -0.8% in April

by The TopStock Team

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Housing Update: Existing Home Sales

The National Association of Realtors reports that Existing Home Sales fell in April by 0.8%.

For comparison purposes:

  • March: +3.7%
  • February: -9.6%
  • January: +2.7%
  • December: +12.3%
  • November: +5.6%
  • October: +2.2%
  • September: +9.95%.

Sales were reported at an annualized rate of 5.05 million units, which was below the estimate for a rate of 5.25 million units.

 

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Comments

What fool would purchase a home now with the continued downward trend in home prices. No need to create immediate negative equity for yourself. Until we can get some home price stabilization, expect buyers to stay away. The government needs to work vigorously with the mortgage holders to get all the foreclosures cleared out so things can get back to normal, Forest products indusry economists say it will take 5 more years, not very hopeful for the near term. I hopr they are wrong, but that is there forecast.

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