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Old 08-24-2010, 12:24 PM
Franc Tireur Franc Tireur is offline
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Existing-Home Sales Plunged in July

Existing-home sales plunged to their lowest level in 15 years in July as inventories soared, painting a grim picture for the housing market absent government support.

Home resales dropped a record 27.2%—nearly twice as much as analysts had expected—to an annual rate of 3.83 million in July, the National Association of Realtors said Tuesday. Meanwhile, inventories rose to 12.5 months from 8.9 months in June, pressuring already depressed home prices. Inventories are at their highest level in more than a decade.

"Historically, July is the peak inventory month in any given year," NAR Chief Economist Lawrence Yun said.

Economists surveyed by Dow Jones Newswires had expected existing-home sales to fall 14.3% to an annual rate of 4.6 million

"The report shows the housing industry has hit more turbulence, is not leveling off and is worried about a nose-dive," said Mitchell Hochberg, a principal at Madden Real Estate Ventures in New York. "Unemployment, foreclosures and shadow inventory are keeping consumers on the sidelines waiting for prices to drop further."

The Realtors revised figures for June downward, saying existing-home sales dropped to a 5.26 million annual rate instead of the initially estimated 5.37 million annual rate.

It is pretty simple to understand, with 14 millions people unemployed, more people having part-time and underpaid employments, no wonder the house market is plunging.

When people don't have money they don't spend.

There is no doubt that other markets will follow if a strong policy is not put in place, instead of a patchwork system.
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