NEW YORK (CNNMoney.com) -- With home sales plunging to their lowest level in 15 years, economists warn that a double-dip in housing prices is just around the corner, threatening to further slow the overall recovery.
Existing home sales sank 27.2% in July, twice as much as analysts expected, to a seasonally adjusted annual rate of ..... read the entire article by Hibah Yousuf, staff reporter and published in CNNMoney.com
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Low mortgage rates and prices fail to stop home sales from sinking to weakest in 15 years
By ALAN ZIBEL and J.W. ELPHINSTONE , Associated Press published in the Star TribuneWASHINGTON - Home prices in many parts of the country scream bargain, and mortgage rates haven't been this low for decades. So why are houses across the nation sitting on the market for so long?
Potential buyers are hesitating because they think home prices still have further to fall. Potential sellers — those with the stomach to put their homes on the market at all, anyway — are reluctant to lower their prices.
Predictions that home prices may drop into double digits continue to drag down sales. Bill Gross, managing director of the world's biggest bond fund, PIMCO remarked that the idea of a rebound anytime soon is "ludicrous."
NAR July Existing Homes Sales Fall 27.2%
U.S. Existing Home Sales in Record Plunge
published in BloombergNews.com
Drop in Home Sales Renews Pricing Fears
U.S. home sales plummeted in July as potential buyers stayed on the sidelines, spurring fears of renewed weakness in housing prices and the broader economy.
Existing-home sales declined 27% in July, spurring fears of renewed weakness in housing prices and the broader economy.
Sales of Existing Single-Family Homes Plunge to 1995 Level
published in eCreditDaily.com
Home sales plunge 27 pct. to lowest in 15 years
By ALAN ZIBEL
Sales of previously occupied homes plunged last month to the lowest level in 15 years, despite the lowest mortgage rates in decades and bargain prices in many areas.
July's sales fell by more than 27 percent to a seasonally adjusted annual rate of 3.83 million, the National Association of Realtors said Tuesday. It was the largest monthly drop on records dating back to 1968, and sharp declines were recorded in all regions of the country.
The plunge in home sales also magnified fears about the broader economy.
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