August home resales fall more than expected

[Gunit_Sangh]

Posted 9/24/2004 10:22 AM Updated 9/24/2004 10:55 AM

WASHINGTON (Reuters) — Resales of U.S. homes fell 2.7% in August, dropping more than expected as mortgage interest rates picked up in the early summer, a trade association report said Friday.

Sales of previously owned homes slid to a seasonally adjusted annual rate of 6.54 million units last month from a 6.72 million rate in July, the National Association of Realtors said.

Analysts had been expecting a decline to 6.65 million units.

Even with the drop, which followed a 2.9% decrease in July, the pace of sales was still considered healthy, economists said.


Here's the url. Only one more paragraph.

http://www.usatoday.com/money/economy/housing/2004-09-24-aug-home-sales_x.htm

[neuvocat]

1. Especially here in San Diego

the housing prices are starting to fall very quickly and some of them are falling out of escrow.

[AlCzervik]

4. i'm up north in elk grove, sacramento country

just hit a median home price $300K up from $200k same time last year but if prices are starting to fall in San Diego that could be an omen for the california real estate market.

[24HRrnr]

6. That's why I picked up my chips and left last year

and with a nice profit to boot. That market was unsustainable.

[displacedtexan]

2. There are thousands of high priced rowhouses for sale...

here in Baltimore.

$200K-$700K for 1100-2000 sq feet.

Sitting unsold.

Not even being rented because the rental prices are too high, and no one wants to rent a house that's on the market.

And owners don't want children, pets, or smokers messing up potential sales, which severely limits the rental pool.

[DeaconBlues]

3. We've turned the corner

and found the housing bubble waiting there for us.

[BiggJawn]

5. Sign shops reporting increased business here...

Lots of orders for "For Rent" and "For Sale" signs. I saw 6 new ones last night in my little town.

And there was a Sheriff's Sale last month for a house that I figure MIGHT have been worth $50,000 considering the poor condition it was in (no paint, failed shingles, rotten windows) The amount of indebtedness on it in the foreclosure papers was $107,500....

Thank you Ditech-Dot-Com!