Existing home sales fall to record low in Oct

[Lone_Star_Dem]

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/idUSN1950763920071128?feedType=RSS&feedName=domesticNews

[cliss]

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.