Posted on 11/28/2007 7:36:13 AM PST by Hydroshock
NEW YORK (CNNMoney.com) -- Sales of existing homes fell to a record low in October, according to the latest reading on the battered housing market by an industry trade group released Wednesday, as even the largest drop in home prices ever wasn't enough to revive moribund sales.
The National Association of Realtors reported that sales of homes by homeowners fell to an annual pace of 4.97 million in October, down from the revised 5.03 reading in September, which was the previous record low since the trade group started tracking sales on that basis in 1999.
Economists surveyed by Briefing.com had forecast that sales would slow to an annual rate of 5 million in October.
The median price of a home sold during the month rose fell 5.1 percent to $207,800 from $218,900 a year earlier. It marked the largest year-over-year drop in prices on record and 15th month in the last 17 in which that key price measure posted a year-over-year decline. Before the current slump in housing prices began, it had been 11 years since prices fell compared to a year earlier.
(Excerpt) Read more at money.cnn.com ...
What goes up at record paces will come down at record paces.
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It had to happen sometime
Housing costs went from ridiculous to super ridiculous
Was this the last Hydroshock post? Is bad economic news now verboten on FR?
Could be why the latest consumer confidence survey was not posted here either. Scratch head.
Put on the blinders, all will be fine.
We’ll see. Jim is a fair man.
And what goes down at record paces will also go back up at record paces. lol
The end of ridiculously inflated house prices fueled by gimmick loans designed to generate high yield debt that would later be sold to naive investors is not "bad" news IMHO.
That is good news for America's future.
Did we really want an America where our kids could never hope to afford a decent house at a sane price even if they had good jobs?
>>And what goes down at record paces will also go back up at record paces. lol<<
Actually, it took RCA until the mid 1950’s to reach it’s pre-1929 crash price.
Given that *fact* that America will grow in population 30 million plus in the next decade or two...Well, one can imagine where prices will be going.
You sound like a lot of guys here back in early 2006.
A stronger case than the one you made could have been made for Japan in the late 1980’s. It didn’t keep them from a 14 year real estate slump.
You want to know where this is going? Look at the chart (and article) here:
http://seekingalpha.com/article/51466-the-worst-is-yet-to-come-for-housing?source=d_email
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