Demand for existing homes slid 8% to a 5.04 million annual rate in
September, the lowest sales pace in nearly 10 years, amid continued problems
in the mortgage market. Inventories of homes rose 0.4% at the end of
September to 4.40 million or a 10.5 month supply available for sale.
Due to inventory being so high, it created home prices to drop. Regionally, the west and the south show an increase in price drops while the north and the east show slight increases.
Allen Hubbard, National Economic Director, said that the white house knows that the housing market is not going to turn around quickly.
Hopefully, there can be be some relief for those of us trying to stick with it.
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