Home Sales Decline in 46 States
Sales of existing homes fell in 46 states during the July-September quarter as the housing market's slump worsened
The new third-quarter figures from the National Association of Realtors underscore the severity of the housing market's slump, which has economists increasingly pessimistic about the economic outlook.
Vermont and North Dakota were the only two states to show sales increases. No sales figures were available for Idaho and New Hampshire.
The NAR Report did see a silver lining in the data however, noting that home prices rose in 93 of the 150 metropolitan areas surveyed.
Trade group officials emphasize the real estate market is not a national one, and conditions vary — sometimes dramatically — from market to market.
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Home Builders See Worse Times Ahead
Home builders' confidence stayed at record low levels in a November as a slight uptick in buyer traffic was balanced out by a slightly more pessimistic view six months down the road.
The overall National Association of Home Builders index was 19, which was the same as the upwardly revised October reading.
The index measuring how builders view buyer traffic edged up to a reading of 17 from 15 in October. But the subindex measuring builders' view of the market six months from now slipped to a record low 25 from 26 a month ago.
Builders have widely reported offering incentives such as covering closing costs and extra features on a new home for free in order to spur demand.
If you are in the market for a home, would you think you'd get a better deal on a new home, or a resale right now? We'd love to hear your opinion. Just use the "comment link" below and tell us what you think.
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Mortgage Rescue? Rip-Off!
With housing prices falling and mortgage money scarce, foreclosures are going through the roof. And desperate times bring scam artists out of the woodwork. In the first part of a special three-part series, money reporter Stacy Johnson examines mortgage rescue scams.
Have you been scammed by a Mortgage Rescue Rip Off Artist? We'd love to hear your comment by using the "comment" link below.
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