Free Republic

Prices of existing homes fell for the first time in 11 years and the backlog of available homes for sale was at its highest since current measures began, underlining the significant slowdown in the housing market. Existing-home sales slipped 0.5 per cent to an annual rate of 6.30m units in August from a level of 6.33m July, according to the National Association of Realtors. They were 12.6 per cent down on the year before. Economists had expected a fall in sales to 6.2m, following a sharp 4.1 per cent decline in sales in July. “The housing market continues to weaken,...

Workers pour a concrete foundation in front of an unfinished housing development in a Denver, Colorado suburb April 19, 2005. The pace of U.S. housing construction rose more than expected in May after three months of declines as groundbreaking on both single-family and multifamily units jumped, a government report showed on Tuesday. (Rick Wilking/Reuters) The pace of U.S. housing construction rose more than expected in May after three months of declines as groundbreaking on both single-family and multifamily units jumped but permits for future projects fell, a government report showed on Tuesday. The Commerce Department said May housing starts...