Existing home sales post biggest decline in 15 years....what's next?
By Ana Connell, Burbank Real Estate Agent
(G & C Properties)
Existing home sales posted the largest decline nationwide, down 27.2% from June and 25.5% from same period last year. This is the lowest level in 15 years and to further add salt to the wound housing supplies went from 8.9 months to 12.5 months, the worst reading in 11 years. What is very interesting and points to some strength is that median prices were only down .2% from June and .7%($182,600) from last year. The reality is that with increased inventories and more short sales and foreclosures on the way, there will be pricing pressure in the months to come. The carnage was felt across the country and very telling are the figures that foreclosures represented 22% of sales, while short sales made up another 10%. Distressed sales will continue to plague homeowners that are hoping to...
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