Existing home sales are now at the lowest rate in 10 years.
A report from Bloomberg.com this morning on the latest existing US home sales showed disappointing results and no end to the current housing problems...
Sales of existing homes in June dropped 2.6% to 4.86 million (vs. 4.99 million in May and estimated 4.94 million)
18.6 million houses, apartments and condos were vacant during the last three months. Median prices have dropped 6.1% in the past year.
Here is a link to a video interview with Rebecca Braeu, a economist/ real estate analyst with John Hancock Financial Services who sees this latest data as troubling sign for the fragile housing market.
There is some help on the way from Congress with financial fixes being planned for Fannie Mae and Freddie Mac- the giant mortgage guarantors to help improve the availability of mortgage money. In addition as much as $4 billion in grants will become available for communities to use to purchase foreclosed properties. The bill in Congress is expected to become law by next week.
Read the full story on Forbes.com.
1 comment:
I think the high prices of property is the cause of these circumstances.
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