Home re-sales fall as inventories soar
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Sales of pre-owned U.S homes fell slightly in July but the inventory of unsold single-family properties soared to the highest in over 15 years as troubles in the subprime mortgage market continued to wreak havoc on the housing sector.
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Sales of new US homes plunged in July for the second straight month, data showed, a sign of chillier demand cooling the once red-hot market.
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The supply of unsold properties on the market ballooned and prices declined compared with those a year earlier.
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Sales of existing homes fell by a larger-than-expected amount in April while the median price of a home sold during the month fell for a ninth straight month as the troubles in the subprime mortgage market acted as a further drag on housing.
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Lower sell-throughs lead to unhappily high inventories.
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Pending sales of previously owned  homes fell a steeper-than-expected 1.5 percent in December,  pointing to more dreary conditions for the beleaguered housing  market, a real estate trade group report on Thursday showed.
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Signs of a housing slowdown are now beginning to surface across the UK as a fall in the number of new buyers has now created a surplus of properties, suggests the latest Hometrack house price survey.
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Pending sales of previously owned homes plunged 12.2 percent in July and planned lay-offs by companies surged 85 percent in August due to turmoil in the subprime mortgage market, independent reports showed on Wednesday.
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Although existing homes are selling  at their slowest pace in four years, most Americans are  confident their homes are worth more now than they were a year  ago, according to a survey released on Thursday.
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Sales of previously owned homes fell to a five-year low in July and the glut of unsold properties climbed to the highest since 1991 as the housing slump dragged on.
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The pace of sales of pre-owned U.S  homes fell slightly in July but the inventory of unsold  properties soared to the highest level in over 15 years as  troubles in the subprime mortgage market continued to wreak  havoc on the housing sector.
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A drop in the pace of home sales was not enough to keep housing from getting even more expensive across Massachusetts last month.
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Sales of new single-family U.S.  homes fell 8.3 percent in August to a 795,000 annual sales  pace, its slowest rate in over seven years, while the inventory  of homes dropped, a Commerce Department report showed on  Thursday.
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Sales of new single-family U.S. homes fell 8.3 percent in August to a 795,000 annual sales pace, its slowest rate in over seven years, while the inventory of homes dropped, a Commerce Department report showed on Thursday.
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Sales of new US homes fall 23%, in the latest indication of the downturn in the housing market.
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Pending home sales fall, but also prove opportunity for long-term investors.
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Sales fall and losses double at home decor retailer.