U.s. Home Sales Will Drop 4.6 Percent This Year

[Goldfinger]

http://www.bloomberg.com/apps/news?pid=206...&refer=home

June 6 (Bloomberg) -- U.S. home sales and price declines in 2007 are going to be steeper than earlier forecast, the National Association of Realtors said.

Surprise, surprise!

Edited June 6, 2007 by Goldfinger

[Goldfinger]

I guess that's not really interesting news anymore (0 response).

[Starcrossed]

Released just before the Fed meet to decide rates.

Some things are the same everywhere.

Edit. My mistake, the Fed don't meet again until the last week in June.

Edited June 6, 2007 by Starcrossed

[Roman Abramovitch]

This is one American export that I like,and will hit UK before the end of 2007.

Home prices: More pain to come

Expected drop in home prices nearly double estimate of two months ago; recovery more than year away.

By Chris Isidore, CNNMoney.com senior writer

June 6 2007: 1:01 PM EDT

NEW YORK (CNNMoney.com) -- The outlook for home prices this year - already expected to post the first drop on record - got worse Wednesday as an industry group cut its forecasts for sales and prices for 2007.

The National Association of Realtors said it now sees the median price of existing homes sold falling 1.3 percent this year. That's almost twice the 0.7 percent drop forecast just two months ago, and is worse than the 1.0 percent drop in prices it estimated in May.

As recently as March, the group was forecasting a 1.2 percent rise in the median existing home price for this year

[Realistbear]

We are in a dream-like scenario. All around us Great Crash 2 is unleashing its power on bloated assets around the world, the US market is crumbling as sub-prime collapses sending repossession rates soaring, the Chinese Stockmarket falls on Al's say-so, the Spanish property market is plummeting, North Ireland's world beating HPI comes to a "screeching halt," house prices fall in 4 regions in the UK while most others go flat, SMs in the UK and US start faltering, IR climb relentlessly upward in the EZ, the Yen Carry trade still looms, oil starts to pick up pace again as summer progresses, Gordon's money supply is out of control and inflation is steaming ahead, BTL is no longer viable and the supply of properties on the market is escalating dramatically, the UK drowns in the second highest level of debt in the world regardless of population size, the miracle maker is about to walk into NO. 10 unopposed, unemployment is rising and exports are falling, credit is tightening-dramatically.....

I doubt Merv will be in a hiking mood tomorrow.

[Goldfinger]

We are in a dream-like scenario. All around us Great Crash 2 is unleashing its power on bloated assets around the world, the US market is crumbling as sub-prime collapses sending repossession rates soaring, the Chinese Stockmarket falls on Al's say-so, the Spanish property market is plummeting, North Ireland's world beating HPI comes to a "screeching halt," house prices fall in 4 regions in the UK while most others go flat, SMs in the UK and US start faltering, IR climb relentlessly upward in the EZ, the Yen Carry trade still looms, oil starts to pick up pace again as summer progresses, Gordon's money supply is out of control and inflation is steaming ahead, BTL is no longer viable and the supply of properties on the market is escalating dramatically, the UK drowns in the second highest level of debt in the world regardless of population size, the miracle maker is about to walk into NO. 10 unopposed, unemployment is rising and exports are falling, credit is tightening-dramatically.....

I doubt Merv will be in a hiking mood tomorrow.

But then, New Zealand also just hiked. Hiking seems to be en vogue.