Annual Existing-Home Sales Fall Most in 17 Years

[onehandle]

Sales of previously owned homes fell slightly in December after two consecutive months of modest gains but took their steepest annual drop since 1989, the National Association of Realtors reported yesterday.

But home prices rose 1.1 percent for the year, and the supply of existing single-family houses, townhouses, condominiums and co-ops for sale shrank from November to December -- offering some hope that the housing market may be on the mend, economists said.

However, stock and bond markets fell on concern that these numbers indicated that housing problems may not be over.

"During the summer, the housing market was like a trauma patient being wheeled in with multiple wounds," said Michael Larson, a real estate analyst for Weiss Research. "There's some momentum back in the market, but I don't think the patient will get off the gurney and walk out the door any time soon."

http://www.washingtonpost.com/wp-dyn/content/article/2007/01/25/AR2007012501734.html

[Warpy]

1. Yep, not since Poppy was in office

Face it, any time that family gets into power, Americans get shafted.

[davsand]

2. When foreclosure rates are up existing home sale prices will drop.

There are more "bargains" on the market than there used to be because the lenders are selling off the repos.


Lsura

[slackmaster]

3. No bargains in California yet

It may be a while.

[GoddessOfGuinness]

4. It's bad in my neighborhood...

Some houses have been on the market since late October.