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Home Sales Drop 3rd Month In Row In U S

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What refreshing news from our partners in HPI!! News a lot worse than expected by VIs--when are our VIs going to "get real?"

WASHINGTON -- Sales of existing homes fell in December for the third-consecutive month, in a surprisingly sharp drop that signaled the housing
market is cooling off faster than expected
Home resales declined 5.7% from November to a seasonally adjusted annual pace of 6.6 million, the slowest since March 2004, the National Association of Realtors said Wednesday. Western states, notably California, suffered the worst, with
home sales in the region skidding 11.4%
from November and from December 2004.
"We got to 6.6 sooner than I expected. I hadn't expected that for two or three months," said David Lereah, chief economist for the NAR, who conceded that his forecast for 2006 might now be too optimistic.
He had predicted sales of existing homes would drop 5% this year, from a record 7.07 million in 2005. The rise in home prices, meanwhile, will slow to 6% this year from 12.7% in 2005, he projected.

The crash is on in the US--what does that mean for the UK? Since 1950 we have shared booms and busts on about the same timescale with about the same devastation to house prices relative to the economy.

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  • 301 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?

      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%

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