Posted on 08/29/2011 8:04:40 AM PDT by tobyhill
Pending sales of existing U.S. homes fell in July from June in the latest sign of weakness in the housing industry, data from a real estate trade group showed on Monday.
The National Association of Realtors Pending Home Sales Index, based on contracts signed in July, was down 1.3 percent to 89.7 from 90.9 in June.
Economists polled by Reuters ahead of the report were expecting pending home sales to fall 1.3 percent.
In a sign of how much the sector has recovered from a year ago, the index was up 14.4 percent from July of 2010.
(Excerpt) Read more at msnbc.msn.com ...
unexpected /s
Sanders puts the correct spin on it:
http://confoundedinterest.wordpress.com
REAL income dropped, savings dropped, expenditures on energy increased (Obama told us this would happen), and little else left for housing.
The politicians are adding to the problem by trying to block foreclosures where borrowers will never be able to get current. This keeps real estate prices from hitting bottom an clearing out the excess supply of homes. Also, the Obama unemployment creates more delinquencies than there would otherwise be.
A friend of mine got his Real Estate license after he retired. His wife did the same.
I was talking to him a few days ago and they have not sold a single property in over a year. He is just the type of guy to make a good one too and his beautiful young wife is also very smart.
Just got into it at a bad time.
It goes far beyond that. The US is ten years over built. The flippers seduced into the market hid the extent of the oversupply from those who actively desired not to see it for about ten years, but in the end that allowed things to get worse.
The market isn’t even close to corrected yet and has a quite a fall left before it bottoms out.
There is an 11 year overhang in housing.
We overbuilt
We overpriced.
You cannot put a happy spin on this situation. It has to wind its way out on its own.
"It's a GREAT time to buy a home!!! The current inventory offers a wide selection of modestly-priced homes, sellers are bargaining, interest rates are at an all-time low, and many REALTORs are stretching their hours to take on new clients!!!"
"Hurry before someone buys that special dreamhome out from under you!!!"
"Call a REALTOR TODAY!!!"
...ooops...forgot the tag...
(/spin)
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