Home Sales Fall to Unexpectedly Low Rate = Time to Buy?

23 08 2006

Home Sales Fall to Unexpectedly Low Rate – New York Times

Lets see what the effect is of this news has actually done to the market.

Excerpt:

The National Association of Realtors reported today that purchases fell 4.1 percent last month to an annual rate of 6.3 million homes, the slowest since late 2003. The rate was 11.2 percent higher a year earlier.At the same time, the inventory of unsold homes on the market swelled to a 7.3-month supply, the most in more than a decade.

The national median price of a sold home held steady in July at $230,000. But the association said that prices fell in most areas of the country, and in many places are now lower than a year earlier. Only in the South are prices still rising: the median home there sold for 3.2 percent more last month than a year earlier. Had it not been for that gain, the national median home price would have declined on a year-over-year basis for the first time since April 1995.

“This surge in excess supply is having a major effect on house prices,” Capital Economics wrote in a research report today.

The number of homes changing hands fell in every region, with the West experiencing the sharpest decline, of 6.4 percent.

The MEDIAN was/is $230,000!?!?!  AND it stayed the same!!  So, the bubble hasn’t poped yet.  Especially not in LA.  I am never going to be able to afford a house even with a mortgage.

Oh well, I like being transient.  It keeps the junk mail down to a minimum, also I feel all stealthy and stuff like I’m someone of importance to someone or some large entity somewhere (as if anyone cared about what I do on a daily basis HA).  This way “Big Brother” can’t nail me down to any one residence.

Wow, I just ran the spellchecker on this and I didna’ misspeleded a thang!!


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