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Number Of Unsold Homes Hits Record High

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It's going to hurt when you have a negative amortisation mortgage, rates hit 7% (as predicted in the article) and prices flatten or fall.

Will this lead to a mis-selling scandal in the litigous USA, or is it caveat emptor?

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Guest Riser

And there is more, this should be required reading for UK Bulls just to give them a flavour of what is going to happen here later this year :D

U.S. Economy: Sales of New Homes Decline, Inventory a Record

Feb. 27 (Bloomberg) -- New-home sales in the U.S. fell to the lowest level in a year in January and the number of properties on the market was the most ever, more signs housing is losing its luster after five record years.

Sales declined a greater-than-expected 5 percent to an annual rate of 1.233 million from a revised 1.298 million in December, the Commerce Department said today in Washington. The number of homes for sale rose to an all-time high of 528,000 in January from December's 515,000.

Higher mortgage rates and home prices will push down sales and may contribute to a slowing of the economy in the second half, economists said. Home construction may not add to economic growth this year for the first time in more than a decade, leaving homebuilders less optimistic.......

...Home sales fell in three of four regions. They dropped 15 percent in the Northeast, 11 percent in the Midwest and 10 percent in the South. Sales rose 11 percent in the West...

...``Speculative demand has ceased and speculators are now putting their homes back on the market,'' Robert Toll, the company's chairman and chief executive officer, said in a statement. ``The result has been more supply than demand in some regions'' including metropolitan Washington. ....

Edited by Riser

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  • 302 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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