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Home sales continue spiral down

Realtors say sales of existing homes drop for sixth consecutive month, to lowest level in 5 years; separate report shows steepest price drop in 16 years.

By Les Christie, CNNMoney.com

September 25 2007: 11:20 AM EDT

NEW YORK (CNNMoney.com) -- Housing markets continued to slump across the nation in August as the number of existing homes sold dropped for the sixth straight month, according to the latest report from the National Association of Realtors.

Sales fell 4.3 percent from July to a seasonally adjusted annualized rate of 5.50 million. Sales have fallen 12.8 percent since last August's pace of 6.31 million homes.

Lawrence Yun, senior economist for NAR, blamed the current credit crunch. "The unusual disruptions in the mortgage market, including a significant rise in jumbo loan rates, resulted in a fairly high number of postponed or cancelled sales, with many buyers having to search for other financing when loan commitments fell through," he said in a statement.

The slump pushed up the inventory glut to 4.58 million existing homes, an all-time high. There is now a 10-month supply of homes on the market at the present rate of sales.

This credit crunch just won't go away !!

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NY property price drops are accelerating judging July figures.

Which begs the question why would anyone buy there as an investment at the moment considering th $ is still falling and property prices are as well. Thats a double whammy.

Which begs the even bigger question: Why was the media reporting that investors might be buying up in NY when prices are still dropping and that drop is accelerating ?

And UK / London is heading south too now....

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Which begs the even bigger question: Why was the media reporting that investors might be buying up in NY when prices are still dropping and that drop is accelerating ?

And UK / London is heading south too now....

it's called perception management.

it was a favourite tool of adolf hitler.

keep the mind numb with endless reality tv,property porn,chat shows and soap opera's.

blind to all else that goes on in the world.(it increases the fear-factor for the next bit)

THEN SAY....BOOOO!! :o:o:o:o:o:o:o:o:o

the sheep run for cover,and look to the government for answers

which are duly provided...hello police state.

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it's called perception management.

it was a favourite tool of adolf hitler.

keep the mind numb with endless reality tv,property porn,chat shows and soap opera's.

blind to all else that goes on in the world.(it increases the fear-factor for the next bit)

THEN SAY....BOOOO!! :o:o:o:o:o:o:o:o:o

the sheep run for cover,and look to the government for answers

which are duly provided...hello police state.

Had a bad day? :P

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it's called perception management.

it was a favourite tool of adolf hitler.

keep the mind numb with endless reality tv,property porn,chat shows and soap opera's.

blind to all else that goes on in the world.(it increases the fear-factor for the next bit)

THEN SAY....BOOOO!! :o:o:o:o:o:o:o:o:o

the sheep run for cover,and look to the government for answers

which are duly provided...hello police state.

There are two levers for moving men, interest and fear

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Guest vicmac64
it's called perception management.

it was a favourite tool of adolf hitler.

keep the mind numb with endless reality tv,property porn,chat shows and soap opera's.

blind to all else that goes on in the world.(it increases the fear-factor for the next bit)

THEN SAY....BOOOO!! :o:o:o:o:o:o:o:o:o

the sheep run for cover,and look to the government for answers

which are duly provided...hello police state.

I am afraid you may well be so right. Homeland security is good for you.. NOT

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