Sept existing home sales fall 6th straight month

[jefferson_dem]

Sept existing home sales fall 6th straight month
Wed Oct 25, 2006 10:05 AM ET

WASHINGTON (Reuters) - The pace of existing home sales fell for the sixth straight month in September, hitting a 6.18 million-unit annual rate, according to a report from the National Association of Realtors on Wednesday that was a sharper drop than economists expected.

Year over year, U.S. home prices fell 2.2 percent to $220,000.

The inventory of homes for sale was down 2.4 percent to 3.75 million units -- a 7.3-month supply. It was the second consecutive drop in inventory.

Analysts had expected home resales to slow to a 6.23 million-unit pace from the 6.30 million-unit rate in July.

The September sales figure was the lowest since January 2004.

http://today.reuters.com/news/articlenews.aspx?type=businessNews&storyid=2006-10-25T140537Z_01_N25343067_RTRUKOC_0_US-ECONOMY-HOMES.xml&src=rss&rpc=23

[maseman]

1. I heard bat-shit crazy K Harris

say during her debate that the economy is strong and for one reason is a huge amount of home ownership. Someone forgot to tell Harris that foreclosures are also up dramatically.

Now they can't hardly give away a condo.

[nealmhughes]

2. So many people are dumping their homes right now it is alarming to

those in the real estate game. My sister and b-in-law who are by no means wealthy have bought 3 houses at fire sale prices, flipped one and made $15K off of it by putting in one new floor in a bathroom and painting 3 rooms. They bought two more off that and used the first as collateral for the other two before flipping it and are making nearly 200% off renting the other two new ones with only elbow grease....

The age of the McMansion is over, and it is now a "buyers/renters" market. People are able to get rental homes of much higher caliber than the ones they normally could have since so many former owners have ditched them....

I know one lakefront estate that was over $450K in commuting distance to Nashville that is now below $250K. The owner just wants it gone!