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Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsPreviously Owned Home Sales in U.S. Drop for Third Month
By Lorraine Woellert - Dec 19, 2013
Previously (ETSLTOTL) owned U.S. home sales declined for the third consecutive month in November to the lowest level of the year as rising mortgage rates and a limited supply of properties discouraged buyers.
Purchases dropped 4.3 percent to a 4.9 million annual rate, the National Association of Realtors reported today in Washington. The median forecast of economists in a Bloomberg survey called for the pace to slow to 5.02 million. Still, the group projects 2013 will be the best year for the industry in seven years, with an estimated 5.1 million properties sold.
Rising prices and borrowing costs have put homes out of reach for many first-time buyers and a partial federal government shutdown in October may have delayed some purchase decisions. At the same time, builder confidence has picked up along with new construction, signaling gains in housing will be sustained.
Part of the weakness was the government shutdown, said Brian Jones, senior U.S. economist in New York at Societe Generale. The vast majority of indicators weve gotten on housing are pretty solid.
Estimates in the Bloomberg survey of 75 economists ranged from 4.9 million to 5.21 million.
more...
http://www.bloomberg.com/news/2013-12-19/sales-of-previously-owned-homes-in-u-s-drop-for-third-month.html
MannyGoldstein
(34,589 posts)because the Fed spent $4 trillion bailing out banker bonuses by propping up asset prices?
JoePhilly
(27,787 posts)the article says.
MannyGoldstein
(34,589 posts)That's a lot of dough.
lpbk2713
(42,766 posts)At least $24 Billion and rising.
Shame on the Dems if they don't drive this point
home when election time rolls around.
Purveyor
(29,876 posts)frazzled
(18,402 posts)November and December have always been the slowest months for home sales. Since before the housing bubble and crash and after. Since forever.
I don't see this as indicative of much of anything at the moment. Probably just normal seasonal changes.