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Post by unlawflcombatnt on Jun 25, 2007 13:47:29 GMT -6
Today's annualized Existing Home Sales declined -0.3% from April. May 2007's Existing Home Sales of 5.99 million was -10.3% less than May 2006's rate of 6.68 million/year. Median prices for Existing Homes were down -2.1% from May 2006. The inventory of Existing Homes for sale increased 5% from April 2007 to 4.431 million. The year-over-year increase in inventory was +23.5% in May 2007, from only 3.589 million in May 2006. The inventory number is the equivalent of 8.9 months of inventory, which is the largest since 1992. The inventory level is roughly 2 million units above normal, according to Tony Crescenzi, chief bond market strategist for Miller Tabak & Co. 2 million more homes for sale than "normal" will put tremendous downward pressure on prices. The current -2.2% decline in prices is only the tip of the iceberg. Below is a copy of a chart from of today's Existing Home Sales report from the National Association of Realtors (modified to fit page). The link to chart above can be found at the NAR
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Post by blueneck on Jun 26, 2007 5:42:56 GMT -6
And this is supposed to be the busy time of year for real estate.
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