It’s not the best time to be a seller of homes, reports today’s Los Angeles Times:
See also:
Bloomberg: Existing Home Sales At Slowest Pace in Five Years
Tighter rules for loans “could further dampen residential investment,” Fed Bank of Richmond President Jeffrey Lacker said Aug. 21 in a speech in Charlotte. “Recent data on actual housing market activity have dampened my optimism” about a bottoming-out in the industry, he said…
Boston Herald, 7/24/07: JUNE’S A BUST ALL OVER
A much-watched report Tuesday showed U.S. home prices declining at their fastest pace in two decades, signaling that the nation’s housing slump was worsening during what is normally the best time of year for residential real estate.
Home prices dropped 3.2% in the second quarter compared with the same period last year, according to the S&P/Case-Schiller quarterly index, which tracks existing single-family home price trends in major metropolitan areas.
It was the worst decline in the 20 years since the price barometer was inaugurated, said Robert Shiller, chief economist for MacroMarkets, a division of Standard & Poor’s that calculates the index.
“The pullback in the U.S. residential real estate market is showing no signs of slowing down,” said Shiller, who was among those who forecast the end of the late 1990s stock market boom…
A separate report Tuesday showed U.S. consumer confidence taking its sharpest plunge in nearly two years in August in part because of ongoing housing woes.
See also:
Bloomberg: Existing Home Sales At Slowest Pace in Five Years
Tighter rules for loans “could further dampen residential investment,” Fed Bank of Richmond President Jeffrey Lacker said Aug. 21 in a speech in Charlotte. “Recent data on actual housing market activity have dampened my optimism” about a bottoming-out in the industry, he said…
Boston Herald, 7/24/07: JUNE’S A BUST ALL OVER