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Realistbear

Number Of Unsold Homes Hits Record High

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http://biz.yahoo.com/ap/060227/economy.html?.v=9

AP

Number of Unsold Homes Hits Record High

Monday February 27, 2:00 pm ET

By Martin Crutsinger, AP Economics Writer

Number of Unsold Homes Hits Record High in January, Shows That Market May Be Cooling

WASHINGTON (AP) -- The backlog of unsold new homes reached a record level last month, as sales slipped despite the warmest January in more than 100 years.
The Commerce Department reported Monday that sales of new single-family homes dropped by 5 percent to a seasonally adjusted annual rate of 1.233 million units last month.
"The decline in new home sales in January makes it clear that there is some real softening in the housing market, said Joel Naroff, chief economist at Naroff Economic Advisors.
The 5 percent decline was bigger than expected, dashing hopes that the milder-than-normal January would help to bolster demand.
Ian Shepherdson, chief U.S. economist at High Frequency Economics, predicted
"real downward pressure on prices over the next few months."
David Seiders, chief economist at the National Association of Home Builders, said surveys showed that the number of builders who are throwing in various amenities for free in order to move homes has risen to 41 percent.

With OZ down, California sinking and the rest of the US going down the wave moves closer to our shores....

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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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