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Wednesday, March 24, 2010

Home Sales Decline

MIAMI - OCTOBER 01:  A pre-foreclosure sign is...Image by Getty Images via Daylife

Sales of existing homes and condominium sales continue to decline In the United States. The restoration of the tax credit for first time home buyers and the expansion of this program to include repeat buyers have not had the desired effect of increasing home sales.

According to the National Association of Realtors (NAR) resales of US homes and condos dropped .6% in February accounting for the lowest seasonally adjusted annual rate in the past eight months.

However all is not doom and gloom, according to the NAR sales are up 7% compared with a year ago.

Regarding home prices, the Federal Housing Finance Agency reported that its national home price index for January fell 0.6% from its December level. They also reported a drop in prices of 3.3% compared with the previous year. This is a total drop of 13.2% from the peak in 2007.

What all these numbers mean is not yet clear. It could mean the previous surge in home sales is over and another recession is around the corner or it could just be a pause well buyer's are being very careful in their selection. Time will tell.

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