Sales of existing homes fall sharply to a 3-year low

[Yo_Mama_Been_Loggin]

U.S. home sales fell in January to their lowest level in more than three years and house prices rose only modestly, suggesting a further loss of momentum in the housing market.

The National Association of Realtors said Thursday that sales of existing homes dropped by 1.2 percent to a seasonally adjusted annual rate of 4.94 million units last month.

That was the lowest level since November 2015 and well below analysts' expectations of a rate of 5.0 million units. December's sales pace was revised slightly higher.

The drop in January came after months of weakness in the U.S. housing market. Existing home sales were down 8.5 percent from a year ago.

https://www.msn.com/en-us/money/realestate/sales-of-existing-homes-fall-sharply-to-a-3-year-low/ar-BBTTPzW

That's all on your watch Trumpy

[sandensea]

1. Under Obama, they grew from 4 million a year (mostly foreclosures/distress sales) to 5.5 million

Under Obama, they grew from 4 million a year (mostly foreclosures/distress sales) to 5.5 million

Now, predictably enough, they're sagging again.

The Trump slump.

[SoCalDem]

2. No mystery.. Interest goes up

sales go down..

[Achilleaze]

3. republicans accept full responsibility for pissing on the market

Oh wait, I forgot, republicans always lie about the shit they are guilty of...

[uponit7771]

4. No need for people to buy homes when there's no longer a tax advantage to them.

.

[Wellstone ruled]

5. Wall Street and the

Tax writers killed their Golden Goose . With the Trump shut down and it's hang over,the Housing Depression is now a full blown happening.

[unblock]

6. can't blame wall street for the reduction of the tax benefits of owning a house

that adversely affected a lot of people on wall street, many owning houses in high tax states like new york, new jersey, and connecticut.
not to mention that wall street certainly could foresee it hurting the mortgage market from which they profit immensely.

wall street certainly wanted the ill-advised tax cut, but the parts of paying for it that are hurting the housing market were more a product of red state billionaires and republican partisans like donnie wanting to "stick it" to blue states, even if those most affected were republicans in those blue states....

[Wellstone ruled]

7. Packaging of risk loans was and is

back. That and as you mention the Red and Blue State Tax deduction issues which will cause the GOP to be the new Wig Party.

[unblock]

10. Every sector is approaching toxic levels.

There's really no safe haven.
The financial crisis was primarily centered around the residential housing market, particularly high-risk mortgages.

The next one will clobber every damn sector.

It will make the last one look like a picnic.

[Wellstone ruled]

11. Have been watching the EU for any clues.

This Detuche Bank thing is ugly. Then one hears about the Swiss setting on a ton of Toxic US bonds last night on Eourpe Bloomberg. Now in the last 4 hours,we are hearing the Norwegians are caught up in Money laundry as well as FX issues..

People have to get ready. If the Brits go South,all these other things will blow wide open.

[TexasBushwhacker]

8. I imagine home prices in those states are going to plummet

They need to because prices were too damn high, but it would suck to be a seller in those states now too. How many people are underwater on their loans now?

[unblock]

9. Yeah, I bought in 2007. 12 years in and i'm probably still underwater....

[spinbaby]

12. I know prices locally are plummeting

A house across the street was snapped up at $250,000 five years ago and is now languishing on the market at $193,000.