Pending Home Sales Hit 6-Year Low
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WASHINGTON -- Pending sales of existing homes fell in July to the lowest level in nearly six years as the mortgage market's troubles made it tough for many borrowers to finalize home purchases.
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Sales of previously owned US homes fell to the lowest in almost five years in July, and unsold properties climbed to the highest since 1991 as turmoil in the mortgage markets rippled through the housing industry.
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Sales of new U.S. homes were unexpectedly weak last month, although they climbed off an 11-year low, and orders for long-lasting goods fell, according to data Thursday that underscored the economy's weakness.
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WASHINGTON -- Sales of existing homes, depressed by turmoil in credit markets, fell for a sixth straight month in August, pushing activity to the lowest point in five years.
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Sales of new U.S. homes again defied  predictions of a slowdown in May and rose 4.6 percent, but  median sales prices fell and the U.S. Northeast experienced its  slowest sales tempo in nearly two years, according to a  government report on Monday.
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Sales of existing homes edged down 0.1 percent in October, but low mortgage rates continued to contribute toward what might become a record year in home sales, a trade association report showed on Tuesday.
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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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Sales of new homes, plunging to their lowest level in more than 12 years, were weaker than forecast last month - leaving the market glutted with unsold homes and pointing to more trouble ahead for the battered housing market.
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Sales of new homes were unexpectedly weak last month, although they climbed off an 11-year low, and orders for long-lasting goods fell, according to data on Thursday that underscored the economy's weakness.
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Pending home sales dipped in November, a trade group for real estate agents said, but the association expects sales to pick up in the second half of 2008.
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Pending sales of existing homes fell 2.6 percent in November from an October level that was revised sharply upwards and sales should hold steady over the next few months, a real estate trade group said Tuesday.
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Pending sales of existing U.S. homes in April unexpectedly fell to its lowest since February 2003, data from a real estate trade group showed on Friday.
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Long-term mortgage rates fell again this week to the lowest level in six months, Freddie Mac reported Thursday.
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Business & money: Sixth successive month of price falls, and mortgage lending at two-year low despite rate cuts
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Business & money: Numbers of buyers unable to purchase first home slump to the lowest level since 1980
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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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Pending home sales fall, but also prove opportunity for long-term investors.