Home Sales Plunge by 8 Percent
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Sales of existing homes plunged by a record amount in September as turmoil in mortgage markets added more problems to a housing industry in its worst slump in 16 years
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WASHINGTON -- Sales of new homes plunged by a record amount in 2007 while prices posted the weakest showing in 16 years, demonstrating the troubles builders are facing with a huge backlog of unsold homes.
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Consumer sentiment took its sharpest plunge in nearly two years during August while home prices swooned in the second quarter, according to reports that show the housing crisis taking its toll.
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WASHINGTON -- A trade group for real estate agents on Tuesday lowered its forecast 2007 existing home sales for the eighth-straight month, predicting a drop of 8.6 percent from last year.
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New home sales plunged in 2007 by the largest amount on record while home prices tumbled sharply in December. Analysts forecast more trouble in 2008 as housing tries to emerge from its worst slump in more than two decades.
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Sales of new homes plunged by a record amount in 2007 while prices posted the weakest showing in 16 years, demonstrating the troubles builders are facing with a huge backlog of unsold homes.
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Sales of existing homes plunged by a record amount in September as turmoil in mortgage markets added more problems to a housing industry in its worst slump in 16 years.
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WASHINGTON -- Sales of existing homes plunged by a record amount in September as turmoil in mortgage markets added more problems to a housing industry in its worst slump in 16 years.
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The number of existing homes sold in the US dropped by 2.6% in April, compounding gloom in the domestic property market.
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Sales of new homes plunged in August and prices posted their biggest year-on-year drop in nearly 37 years, the U.S. Commerce Department said on Thursday, underlining the depth of problems facing the housing sector.
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Depressed by turmoil in credit markets, existing home sales fell 4.3 percent, pushing activity to the lowest point in five years, the National Association of Realtors said.
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The pace of new home sales fell to a seven-year low in August, according to a government report Thursday that showed the battered housing and home building markets even worse than forecasts.
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Sales of previously owned homes fell 8.0 percent in September to a record low 5.04 million unit pace amid troubles in the subprime mortgage and credit markets, the National Association of Realtors said on Wednesday.
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U.S. new home sales fell more than  expected in July to the their lowest pace since December, as  higher mortgage rates cooled the housing market, a government  report showed on Wednesday.
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KB Home announces large loss, and an industry trade group releases data that show falling home sales.
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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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Sales of new US homes fall 23%, in the latest indication of the downturn in the housing market.