Posted on 11/21/2006 8:36:36 AM PST by GodGunsGuts
Existing-home sales fell 13% last quarter: NAR
By John Spence, MarketWatch Nov 20, 2006
BOSTON (MarketWatch) -- Sales of existing homes fell about 13% in the third quarter from a year earlier, yet another sign that the U.S. housing market is cooling off, a real-estate group said Monday.
Total state existing-home sales including single-family "With the market in full transition, buyers now have choices and sellers are more willing to negotiate -- under these circumstances it's no surprise that overall home prices are slightly below a year ago," said David Lereah, chief economist for the National Association of Realtors, in a statement.
...
Home prices in many regions saw corrections during the period, with most states experiencing slower sales activity, contributing to growing inventories of unsold home, the NAR noted.
...
Total state existing-home sales including single-family houses and condominiums fell to a seasonally adjusted annual rate of 6.27 million units in the latest quarter, down 12.7% from the previous year's quarter, which was the second-highest ever.
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Investors looking for a bottom in the housing market were dealt a blow late last week, when the Commerce Department estimated that housing starts plunged 14.6% in October as permits fell 6.3%. See Economic Report.
(Excerpt) Read more at marketwatch.com ...
ping
ping
"Show me just what Mohammed brought that was new, and there you will find things only evil and inhuman, such as his command to spread by the sword the faith he preached." -Manuel II Paleologus
He always seems to find me. I'm sure he and his posse will be along shortly.
He wants to be able to post his shabby propaganda without critique.
Thanks for the ping, j.
Hey GoldStateGOP, I see you stay up late and get up early just like me...(yawn)
I thought the NAR was a bunch of liars according to the doomers.
Not anything you understand, anyway.
I think the federal gummint should regulate the number of dwellings that can be built, this would prevent too many homes from coming on the market. This would also eliminate the need for illegal aliens from swimming across the rio grande to do the jobs that no American will do. The National Bureau of Number of Houses could be a part of HUD and we would only need about 200,000 new inspectors. That should stabilize this ridiculous market fluctuation.
If John Maynard Keynes (spit) emerged from his grave and proclaimed a housing bubble, Gigi would post a thread steeped with ebullient praise.
Still can't make a point can you, Pedro? Poor, poor Pedro. All venom but no teeth.
LOL
The point is made whether you comprehend it or not.
13%? That's it?
Not down far enough. Almost time ....
Better yet, have the government ban exotic motgages like, interest only or 0% down loans. Those mortgage products give people a lot more money to buy a house with. More people with more money to spend bids up the market. IMHO, that's the cause of the current bubble.
Insist on 20% down payments. Do you think Jesse Jackson might complain if that happens?
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