Home sales plunged in March

[link|http://money.cnn.com/2007/05/01/news/economy/homesales/?postversion=2007050110|CNN]

Problems in subprime mortgages caused a sharp drop in home sellers being able to find buyers for their homes in March, according to a trade group report Tuesday that showed the battered real estate market was much weaker than expected.

The National Association of Realtors' Pending Home Sales Index fell 4.9 percent in March, following a 1.1 percent increase in February. The index was down 10.5 percent from the March 2006 reading.

After February's small uptick, March drops like a rock. The National Association of Realtors blames the sudden unavailability of subprime loans. But the massive bailing of speculators from the market must be a factor also.

The NAR is also projecting a small rise in the index in the second half of the year. But I think that be better classified as desperately praying for rather then projecting.

Jay

Post #283,528 by JayMehaffey 5/1/07 1:01:58 PM Reply	Home sales plunged in March [link\|http://money.cnn.com/2007/05/01/news/economy/homesales/?postversion=2007050110\|CNN] Problems in subprime mortgages caused a sharp drop in home sellers being able to find buyers for their homes in March, according to a trade group report Tuesday that showed the battered real estate market was much weaker than expected. The National Association of Realtors' Pending Home Sales Index fell 4.9 percent in March, following a 1.1 percent increase in February. The index was down 10.5 percent from the March 2006 reading. After February's small uptick, March drops like a rock. The National Association of Realtors blames the sudden unavailability of subprime loans. But the massive bailing of speculators from the market must be a factor also. The NAR is also projecting a small rise in the index in the second half of the year. But I think that be better classified as desperately praying for rather then projecting. Jay
Post #283,530 by bepatient 5/1/07 1:10:27 PM Reply	Huge chunk was weather related. Too much of today's music is fashionable crap dressed as artistry._{Adrian Belew}
Post #283,816 by dmcarls 5/3/07 2:02:52 PM Reply	Apologies to Bobby McFerrin... [...] "The land lord say your rent is late He may have to litigate Don't worry, be happy " [link\|http://www.thebostonchannel.com/news/13228876/detail.html\|http://www.theboston...28876/detail.html] "BOSTON -- Massachusetts has become the first state in the country to declare a moratorium on foreclosures stemming from predatory lending. Homeowners will now be able to submit a complaint to the Division of Banking. The division will then call the lender and ask them not to forclose." [...]

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