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Existing home sales plunge 27%
Posted By admin On August 24, 2010 @ 7:42 am In Money Watch | Comments Disabled
CNN Money 
Tuesday, August 24, 2010
NEW YORK (CNNMoney.com) — Existing home sales fell sharply in July, declining for a third straight month, as the effects of the expired homebuyer tax credit continued to add turbulence to the housing market.
The National Association of Realtors reported that existing home sales sank 27.2% last month to a seasonally adjusted annual rate of 3.83 million units, down from the downwardly revised rate of 5.26 million in June. Sales year-over-year were down 25.2%.
(ARTICLE CONTINUES BELOW)
Analysts surveyed by Briefing.com were looking for resales in July to fall to an annual rate of 4.72 million units.
The sales pace of all homes — single-family homes, townhomes, condominiums and co-ops — is at the lowest since NAR began tracking the figure in 1999. Sales of single-family homes, which account for a bulk of the transactions, are at the lowest level since May 1995.
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URLs in this post:
 CNN Money: http://money.cnn.com/2010/08/24/real_estate/existing_home_sales/
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 Housing Double Dip Accelerates As Existing Home Sales Plunge -2.2% In May Versus 6.0% Consensus, Down From 8% In April: http://www.prisonplanet.com/housing-double-dip-accelerates-as-existing-home-sales-plunge-2-2-in-may-versus-6-0-consensus-down-from-8-in-april.html
 New home sales fall to a record low: http://www.prisonplanet.com/new-home-sales-fall-to-a-record-low.html
 New home sales at record low as tax credit expires: http://www.prisonplanet.com/new-home-sales-at-record-low-as-tax-credit-expires.html
 Stocks Plunge, Double Dip Recession Fears Grow After Home Sales Report: http://www.prisonplanet.com/stocks-plunge-double-dip-reccession-fears-grow-after-home-sales-report.html
 New Home Sales Plunged 11.5% to 17-Year Low: http://www.prisonplanet.com/new-home-sales-plunged-115-to-17-year-low.html
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