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Existing home sales fall to record low in Oct

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Lone_Star_Dem Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Nov-28-07 01:55 PM
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Existing home sales fall to record low in Oct
Source: Reuters

WASHINGTON (Reuters) - Existing home sales fell 1.2 percent in October to a record low 4.97 million-unit pace, according to a report on Wednesday that showed the downturn in the U.S. housing market was deepening.

Home prices fell at a record pace and the inventory of homes for sales increased as the housing market felt the pinch of tighter lending standards.

The median existing home price fell 5.1 percent from a year ago to $207,800 and the total housing inventory rose 1.9 percent in October to 4.45 million existing homes for sale, a 10.8 month supply at the current sales pace.

The sales pace was the lowest since the realty trade group began tracking both single-family and condo sales jointly in 1999.

Read more: http://www.reuters.com/article/domesticNews/idUSN195076...
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cliss Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Nov-28-07 03:12 PM
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1. 4.45 million homes for sale?
That's a lot. Especially if they're going down in value and buyers are having a tough time qualifying for loans.
I've read that in the next few months, there will be around 2 million more homes going on the market.

Not good news.
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