Posted on 09/21/2015 7:48:02 AM PDT by BenLurkin
WASHINGTON --The pace of home sales slowed sharply last month, a possible sign that rising prices are causing homebuyers to pull back.
The pace of existing home sales fell 4.8% last month from July to a seasonally adjusted rate of 5.31 million, the National Association of Realtors said Monday. That was the largest month-to-month decline since January, when sales fell 4.9%. Sales for July were revised down slightly to 5.58 million from 5.59 million.
...
On Thursday, Federal Reserve Chairwoman Janet Yellen noted the improvements in the housing market although she added the market is nowhere near its pre-recession levels.
"We are envisioning further improvements in the housing market," she said. "It remains very depressed."
Mr. Yun said he was not concerned about higher interest rates.
"Fed policy changes will have not too big an impact on mortgage rates," he said.
Mr. Yun said he espected mortgage rates to rise to 4.1% by the end of the year and to 5.0% by the end of next year.
(Excerpt) Read more at nasdaq.com ...
When the markets tanked (among other things), this was inevitable. Economics is a game of emotions, and when people don’t feel confident they tend to avoid making big leaps of economic faith - such as buying a home.
Fixed it.
Is there anyone left that think these experts have a clue what will happen in future to either mortgage rates or house prices?
It doesn’t matter that home sales are down and jobs are hard to find. The economy has recovered now go out there and buy some stocks, buy, buy, buy I say. Would I lie to you??? /S
30 hours a week at 10 dollars an hour is ‘sustainable employment’ in our rulers eyes, but then you have to buy ‘health care coverage’ at through the roof prices with big copays.
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.