Sharp decline in US housing sales

[Eugene]

Source: BBC News

Last Updated: Wednesday, 24 October 2007, 15:01 GMT 16:01 UK

Sharp decline in US housing sales

Sales of existing US homes fell 8% to 5.04 million in
September, the biggest year-on-year decline for 16
years, said the National Association of Realtors.

It is the latest sign of a downturn in the US housing
market which economists fear could lead to a recession.

The fall was worse than market predictions of a decline
to 5.25 million sales.

The average sales price also fell in September, dropping
4.2% from a year earlier to $211,700 (£103,000).

-snip-

Read more: http://news.bbc.co.uk/2/hi/business/7060346.stm

[Warpy]

1. There are people who qualify for prime mortgages

who are being strung along by mortgage lenders who have overreacted to the subprime crisis. They have the money to lend, they have qualified borrowers, they are just gun shy.

I have neighbors going through hell trying to get a mortgage and living on pins and needles for the papers on their old house to pass.

The whole thing could fall through at any moment.