BREAKING NEWS: Existing-home sales drop 2.6% in June, more than double expected amount

[Pale Blue Dot]

Source: MSNBC

WASHINGTON - Sales of existing homes fell more sharply than expected in June as the housing industry continued to be bruised by the worst slump in more than two decades.

The National Association of Realtors reported that sales dropped by 2.6 percent last month to a seasonally adjusted annual rate of 4.86 million units. That was more than double the decline that had been expected and left sales 15.5 percent below where they were a year ago.

The downward slide in sales depressed prices, too. The median price for a home sold in June dropped to $215,100, down by 6.1 percent from a year ago. That was the fifth largest year-over-year price drop on record.

The drop in sales pushed inventories of unsold single-family homes and condominiums to 4.49 million units, up by 0.2 percent. That represented a 11.1 month supply at the June sales pace, the second highest level in the past 24 years.

Read more: http://www.msnbc.msn.com/id/25830491/

[Doctor_J]

1. "The fundamentals are strong"

- First-ever MBA Resident

What this calls for is a photo-op. Are there any groups of black/brown kids that will agree to be photographed with him?

[spinbaby]

2. Oh goody

Now the market can plummet even faster.

[JNelson6563]

3. You can go here to watch this play out today

http://www.democraticunderground.com/discuss/duboard.php?az=show_mesg&forum=102&topic_id=3407640&mesg_id=3407640

[Indenturedebtor]

4. Lalalala does anyone even care anymore?

I'm already resigned to walking out on my house if I want to move in a couple years. I'm not going to live in a place my whole life over money. Fuck that. Lalala Rome is burning lalalala

[AlphaCentauri]

5. The value of a home should be 30% of it's current value

[whistle]

7. Every home built in America in the last 20 years has had a programmed mark-up

...of 40% profit for the builders....cost plus 40%

[AlphaCentauri]

12. that's why they are over priced even without the speculation trent

[whistle]

6. If America stops building homes then will that be out-sourced as well?

...In otherwords, what the fuck will be made in America anymore?

[Max_powers94]

8. Man I wish I had good credit......so i can buy a house :)

[superconnected]

10. They'll give them to anyone right now. They're begging people to take the loans.

That stuff about it's tougher is a lie. I'm pre-approved and waiting until November to actually buy because I'm watching them drop 10k every month. I won't wait passed the election because I saw how fast things turned around when both clinton and gw bush got in.

[KillCapitalism]

9. I hope it drops and keeps dropping.

Home prices are still very unaffordable and out of reach for most average Americans.

[superconnected]

11. Touche', I agree, and it's what I've been waiting for the last few years.

I keep thinking what I'd do if I was a home owner and could get an equivalent home for nearly half the price. I'd go get another loan for the home I expect to keep, and then default on the one I didn't. Give them that asset right back. Credit is only good for more credit. If you don't plan on using it your credit score means nothing. After using it to buy another house I wouldn't care if my credit went to pieces for 7 years as I'd saving myself years of higher payments.

That's just me and that's just theory. I don't know if it will work - beyond that it worked for a new car I dumped once. :) It worked wonderfully making them take it back - I've owned my cars every since. But then it took driving a new one until it got up to 30 thousand miles to convince me that 30 thousand miles is a new car and it's better to buy them at that milage for 1/3 the price, then brand new anymore. I'd dump a house in a minute and go for a better deal if I was even in a house and I could get the equivalent for half the price or even 100k less.