From MarketWatch:
Index of pending home sales tumbles in Sept.
An index of contract signings on existing homes fell significantly in all four regions from year-ago levels, according to data released Tuesday, suggesting that “there is still no bottom in sight” for housing, said one economist.
The National Association of Realtors said its overall pending home sales index hit 85.7 in September, a steep drop from the year-ago reading of 107.6 but up from the prior month’s level of 85.5.
In the Midwest, the index dropped 14.4% year over year; in the South it declined 19.7%, in the West it plunged 25.6% and in the Northeast it dropped 23.1%, the NAR reported.
“These data now suggest that after a weaker spring and summer sales season, the autumn looks to be no better and there is still no bottom in sight despite the slight increase this month,” wrote Joshua Shapiro, chief U.S. economist with MFR Inc. “Sales will continue to fall until there is a greater price capitulation by sellers, as it still appears that we have not reached market-clearing prices to reduce the inventories of unsold existing homes.”
September’s reading was up 0.2% from the prior month, while Wall Street analysts were looking for a slight decline.
…
September’s “pause in the plunge” does not change the pending sales trend, which remains “sharply downwards,” wrote Ian Shepherdson, chief U.S. economist with High Frequency Economics.He added that pending sales fell at a 42.1% annualized rate during the third quarter — “easily the worst performance” since the data were first recorded in 2001.
“Looking a bit further ahead, though, we expect the decline in sales to continue, because the inventory overhang continues to depress prices and people are reluctant to borrow to buy depreciating assets,” Shepherdson said.
Ouch!
An interesting article I found today, not really on topic of the post but wasn’t sure where to put it
The Dollar Crisis
http://www.mises.org/story/2780
Glad to see that, as a nation, we have our priorities straight:
Bush Vetoes Health and Education Bill
The Associated Press – 9 hours ago
WASHINGTON (AP) — President Bush on Tuesday signed a big increase in the Pentagon’s non-war budget, and vetoed a spending measure for health and education.
Daily Kos called and wants you back.
the sky is falling!
the sky is falling!
njpatient Says:
November 13th, 2007 at 6:00 pm
I think that was a construction of ChiFi – it refers to reinvestor101’s 101, which keeps getting discounted.
patient: oh no…’twas not me
On news 7 tonignt 1100 pm How forclosed property in your area affects the value of your home.Mass media getting it.
#3 UN Happy Camper so this has something to do with RE how.Your view on war & Bush consume all your posts.Get over it.Whats up with RE in your area.Looking to buy,sell,
renting thats what people here post about.
I propose a steel cage wresting match between Happy Camper and REInvestor101
In this corner Happy Camper – the ultra liberal – who sees everything negative in life as somehow connected to George Bush and the war in Iraq.
vs.
In the other corner – REInvestor101 – Who sees everying negative in life an as anti-Bush, anti-American, pro terrorist conspiracy.
On news 7 tonignt 1100 pm How forclosed property in your area affects the value of your home.Mass media getting it
Just saw it. Interesting piece. Mostly focused on NYC suburbs in NY.
They started the report by saying “tomorrow a national report will show a 90% increase in foreclosures in our areea”
Was looking at Monmouth county sheriff’s foreclosure page. Many listing with a $100 listed as being sold to bank (mortgage holder), does that mean that nobody bid on property?
I’m going to have to stop frequenting forums full of sellers. It is educational, but some of them are so f**king stupid I want to scream.
1 seller has townhouse on market for 7 months already in really slow and contracting area. They offered 2k bonus to buyers agent. Buyers came in with lowball and during negotiations the two parties come within $6k of each other on price. Buyers agent wants $1k bonus, seller is mad and wants agent to give her bonus to her buyer to “close the deal” rather than jeopardize it (cause $1k is $6k in disguise).
Silly moo is forking over $2k a month in PITI on an empty house which hasn’t had a single offer in 7 months and is all pi$$y about throwing a bone to the agent who brought her one of the areas few live buyers. They still haven’t worked out that the ball isn’t in their court.
CDOs facing legal quagmire…
http://iamfacingforeclosure.com/article/20071113_Boyko/01.html
Funny how extreme positions left or right cloud the thought process & detach from reality.
Renting great bout that’s a feature fight for sure.
Whatever the content or area on news it can only help people to understand YES pricses do go down to!
Aaron Good stuff,what a quagmire the banks have created for themselfes.