Monday, February 8, 2010
US Existing Home Sales Plunge More Than Expected
According to CNBC.com the sale of houses has dropped more than the analysts originally thought they would. "The National Association of Realtors said existing home sales fell 16.7 percent to an annual rate of 5.45 million units in December. Analysts had expected a 5.90 million unit pace." The housing market was recovering from a long slump, but the recent drop has analysts worried that the brief recovering has faltered. The housing markets are up 4.9% in 2009 compared to 2008. In the southern states, the nation's largest housing market, sales fell 16.3%.
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You need to look at the reason why these homes are for sale in the first place. Foreclosure. These previously owned U.S. houses cannot be bought if people do not have jobs. The government can give tax credit to first time buyers and low interest rates all they want, but with the unemployment rate as high as it is, there shouldn’t be this expectation for a continuous up flow recovery of the housing market. The most they can do with the housing market right now is to keep prices low and affordable as people get back up on their feet after the knockdown from the economic recession.
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