Pending Sales of Existing Homes in U.S. Decline for Eighth Month
Source: Bloomberg
By Shobhana Chandra Mar 27, 2014 10:00 AM ET
Contracts to purchase previously owned U.S. homes unexpectedly fell in February for an eighth straight month, a sign of further weakness in the industry.
The index of pending home sales decreased 0.8 percent after a 0.2 percent drop the prior month that was previously reported as a gain, figures from the National Association of Realtors showed today in Washington. The median forecast of 39 economists surveyed by Bloomberg called for a 0.2 percent rise.
Colder-than-normal weather probably played a role in discouraging prospective buyers faced with rising mortgage rates, higher prices and limited supply of cheaper properties. At the same time, the Realtors group said buyer traffic is stabilizing, which may help spur demand as temperatures warm.
For housing, its been primarily an issue of bad weather, Russell Price, senior economist at Ameriprise Financial Inc. in Detroit, said before the report. Not a lot of buyers were enticed to go out and look, and not a lot of sellers put their best foot forward in terms of staging the property or hosting an open house. Conditions will improve as the weather improves, he said.
Read more: http://www.bloomberg.com/news/2014-03-27/pending-sales-of-existing-homes-in-u-s-decline-for-eighth-month.html
dixiegrrrrl
(60,010 posts)and the all cash buying of foreclosed homes at auction?
the all cash market is HUGE, outstripping the usual "buy with a mortgage" sales.
cosmicone
(11,014 posts)Redford
(373 posts)We have the largest population growth now and homes are staying on the market maybe a day or so around here. Good friend just sold her house for 10K above her asking price and has 2 back up contracts.
Purveyor
(29,876 posts)Don't know what come over me but I just had to hear this tune. Lived around Houston/Galveston/Chambers for 14 years...
Sedona
(3,769 posts)There's a shortage of anything for sale under $1M.
If its an attractive home its sold in days