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Realistbear

Backlog Of Unsold Homes In U S Hits A Record

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http://www.builderonline.com/industry-news...rticleID=280917

Home Sales Slow Down

Source: Augusta Chronicle, The

Publication date: 2006-02-28

By Martin Crutsinger< Associated Press

WASHINGTON - 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.
That was the slowest pace since January 2005 and left the number of
unsold homes at a record high of 528,000.
Analysts viewed the new data as further evidence that the nation's red-hot housing market, which hit record sales levels for five straight years, has definitely started to cool.
"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
.

The US market is no doubt reacting to several issues, all of which are, of course, absent in the UK where it is a land of economic miracles:

1. Affordability issues exacerbated by the number of cheap intro level loans now being refinanced

2. Rising world interest rates

3. Softening employment

4. Perception and fear

5. Inflationary pressures

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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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