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U.S. pending home sales plunge to new record low
January 6, 2009 by Mortgage Align · Leave a Comment
Pending home sales fell in November to an all-time low, with problems in the stock market and economy making buyers to reconsider their purchases. The good news is that if you’re in the market to buy a home, the inventory is high.
The U.S. has been coping with the worst housing recession in decades, and many in the real estate, banking and mortgage industries are poring through each month’s data for signs of a bottom, with no luck so far.
U.S. existing home sales plunged to a rate of 4.49 million in November, down 8.6 percent from October. When the final tally for 2008 is complete, it is likely to be the worst year for home sales in at least in a decade. Plus, with job losses mounting, there appears to be no quick turnaround this year.
Indeed, the contracting economy makes the timing of any recovery a moving target. Home sales are growing in foreclosure-plagued areas like Las Vegas and Los Angeles, but are still sinking in most of the country. The Realtors group estimates that 45 percent of existing home sales are now foreclosures and other distressed properties.
