Damned global warming has absolutely devastated the used housing market.
For goodness sake its laughable how these guys numbers are always not even remotely accurate.
Obama continues with the destruction of the
Nation's wealth and savings.
Cash buyers accounted for at least 30% of existing-home sales for the fifth-straight month in May. Cash buyers were 35% of buyers in March.
Think about that. Most of the cash buyers are investors seeking to turn the houses into rental units. The other 70% represents typical buyers using mortgages to obtain owner occupied houses.
The housing market is in a severe depression and there is no velocity in the market. People are reluctant to move from say, Detroit to Dallas for a job, because they cannot sell their house. People won't even move from Burleson TX to Plano TX, or Peachtree City GA to Alpharetta GA in the same metro area for a job, because the housing market is stuck. People need to be confident they can sell their current house before they can consider moving. And they may not be able to afford to 60 miles each way with gas at $4/gallon.
The only people benefiting from the low housing prices right now are current renters who have the down payment and the credit rating to be able to buy a house. And $20K-$30K in the bank and a credit score over 700 is not your typical renter.