This is the latest from the NAR reports and it is now going to be a very scary time in our market. The figures are all coming in and across the board we are seeing a double dip in value. There are few new home construction permits, mortgages rates are low but no one is looking to buy or apply for them. Yes business reports are showing up with profits but no one is hiring. This is now a time when we are going to no new sales coming.
And to Vicki Cox Golder, National Association of REALTORS President, I guess the traffic did not hold up like you promised your members.
The index of pending home resales dropped 30 percent from the prior month, figures from the National Association of Realtors showed today in Washington. The drop was the biggest in records dating to 2001 and compared with a 14 percent decrease forecast in a Bloomberg News survey of economists.
The decline shows that the industry at the center of the financial crisis remains vulnerable in the absence of government support. A stabilization in housing will depend on gains in incomes and employment that may stem foreclosures and give Americans the confidence to start buying again.
“Demand will be pretty depressed in the next few months,” Scott Brown, chief economist at Raymond James & Associates Inc. in St. Petersburg, Florida, said before the report. “We’re still going to have a big overhang of foreclosures. There’s potential for prices to slow down a lot more.” via Bloomberg
