Posted on 12/19/2013 7:52:36 AM PST by John W
U.S. home resales fell sharply in November to their lowest level in nearly a year, hurt by a rise in interest rates since the spring and ongoing price increases that have shut some home buyers out of the market.
The National Association of Realtors (NAR) said on Thursday that sales of previously owned homes dropped 4.3 percent last month, the third monthly fall in a row, to an annual rate of 4.90 million units.
That was the lowest annual rate since December 2012, and well below the median forecast in a Reuters poll of a 5.03 million unit pace.
"It is a clear loss in momentum for home sales," NAR economist Lawrence Yun told reporters.
(Excerpt) Read more at nbcnews.com ...
We seem to be heading for something bad.
Well, for certain we have some very poor analysts in just about all our economic areas.
LOL ABC is reporting that the economy is showing ‘new strength’.
This at a time when the DemocRATS and their toads in the state-controlled “media” are spreading the talking point that the U.S. economy is “booming”. LOL! That “booming” sound is the economy collapsing.
But the MSM says things are just swell. The economy is doing great. /sarc
I just got my home appraised last week when considering a refi. Our neighborhood was deemed “stable”, but our home had fallen by 4% from an appraisal done 2 years ago. One of the homes in the comparison was a foreclosure, which I’m sure is what killed us.
Yes, the national debt and spending are simply out of control. This will not have a happy ending.
FYI in just the last three months the yield on the 10 Year Treasury Bill has risen over 80 basis points. Something to keep an eye on.
...the MSM says things are just swell. The economy is doing great. /sarc
Things actually are going well for the oligarchy: more and more wealth is being transferred from the workers and peasants who earned it to the vanguard of the revolution who deserve it.
Just wait till the new Dodd Franks mortgage rules kick in in January...
But...but...but permits are up, most that have been in 5 years! But...but..but...
Good post. Those who go along with the program are being rewarded. We are a corrupt country.
How many prospective home buyers and re fiers dropped out voluntarily due to the increased costs of health insurance due to ObamaCare?
How many banks are holding back on new mortgages and re fi’s
due to the coming impact of increased heath insurance costs?
If I was in charge of new mortgages and re fi’s, I would wait until about Feb 2014 before even considering any loans because of the coming impact of increased costs of Obozocare, the Unaffordable Health Care Act.
I don’t see how this equates with the increase in new construction.
Unexpected!
This was predicted due to falling inventory of foreclosed homes. Yawn.
Families don’t move in the middle of the school year. It will pick up again toward summer.
Or wait until people see their premiums and deductibles under their new health insurance. Who would move, not knowing if you have to come up with another $20,000 for the year, just for the premium and deductible?
Their damage isn't quite complete? What kicks in in Jan.?
Maybe by you, but...”...well below the median forecast in a Reuters poll of a 5.03 million unit pace.”
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