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.
...
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 ...
I believe you misstate. It's not a problem getting such a mortgage - it just takes longer than most people want to wait. I've never seen anyone take over 6 weeks to get a mortgage, esp. if you were thru a pre-approval process.
I can get MOST mortgages done in under a month as long as my borrowers and the sellers give me what I need.
You really ought to see someone about your many complexes.
Toddster, you couldn't possibly have come up with that on your own. You must be in contact with people way more market savvy than yourself.
Because market savvy includes guaranteed market prices. LOL!
Well, that's where we part ways. Gold will probably go higher than $1650, so a $1650 top is by no means guaranteed.
Excellent! Then you won't be as big an idiot for paying 3% for every round trip you make.
Absolutely!
Previous housing slumps have been based on recessions and high rates of unemployment -- neither of which are evident today. Maybe you should learn more about historical trends before you cite non-existent history as evidence for your ridiculous doomsday prophecies.
I was "pre-approved" in April. The close date of 11/6 was set in September. I've aggressively tried to move to a bank/mortgage company to that, or any, close date since late September. I'm still "approved". But they need "just one more paper in their file" before they will bring money to the table.
As I said before, everybody seems to be in cya mode.
You need to talk to spintreebob.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.