Skip to comments.Existing-Home Sales Unexpectedly Fall In August To 5.33 Million Rate
Posted on 09/22/2016 7:43:13 AM PDT by BenLurkin
Existing-home sales for August an annual rate fell o.9% to 5.33 million units, the National Association of Realtors said Thursday, as the supply of existing homes for sales fell 10% vs. a year earlier.
Economists had expected a rate of 5.44 million. Sales fell significantly in July to a revised 5.38 million, but from a recovery high.
Tuesday, the Commerce Department reported August housing starts fell more than expected. But a day earlier, the National Association of Home Builders said its builder sentiment gauge soared in September to match an 11-year high.
Meanwhile, the Federal Reserve's decision to leave rates unchanged and signal a yet-slower path of future rate hikes are good news for rate-sensitive sectors such as housing.
(Excerpt) Read more at investors.com ...
Gee, Wally, every economic sector during Obama’s term has behaved ‘unexpectedly.’
When will someone catch on that he doesn’t have a clue and neither do his lefty commissars?
Shocking low interest rates yet so few can afford a home. O-economics on display.
It wasn’t unexpected by me or Bill Bonner.
SW Florida cannot built them fast enough
All the yankees moving south
Everything about Hussein's regime seems to be "Unexpected". Did the fabricators of the economic fairy tales they preach quit or go on vacation?
Grasp-at-straws Obama even crowed about low gas prices the other day without noting that the low fuel costs were a) the result of an absence of demand and overall business activity and b) heavily influenced by gaining some traction against OPEC.
Then Florida can be contaminated by Yankees as NC has been, and the enlightened northers can lobby for the right of some sexually confused man to come pee in the girls’ bathroom at your granddaughter’s school. That’s what Yankees think is important for an inclusive society.
Perhaps we should ban the internet - the Yankees would have to remain in place to get their newspapers, their TV/radio, their sports broadcasts. Local comfort food, it seems, is not enough to anchor them in place although they are busy malling the South.
Interestingly, there seems to be a growing trend in some metro areas up here. Baby Boomers who counted on selling their homes at inflated prices in order to fund their retirement are finding that there is a limited (and diminishing) market for detached single-family homes in many expensive suburbs. So they have resorted to renting these homes out and using the rental income to support them in a smaller rented apartment. I've seen more upscale suburban homes listed for rent in this part of New Jersey in the last month than I've ever seen before.
Those that can afford the monthly payments for P&I cannot afford the extra the mortgage adds on and has use of all year for taxes and insurance. Son’s escrow for just taxes and insurance jumped to $633 a month in February this year for his small, inexpensive home which is way more than his P&I.
NEW home sales were better than predicated, in August, so you would “expect” that existing homes would be soft, in comparison.
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