Home Sales Sink To New Low As Job Market Weakens (Investor's Business Daily)

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Sanket
on July 25, 2008 8:46 AM | | Comments (0) | TrackBacks (0)
said Thursday, as buyers showed little interest amid falling real estate prices and uncertainty about jobs and the economy.

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Home and condo resales fell 2.6% from May to an annual rate of 4.86 million, the lowest since the NAR began tracking the series in 1999. Economists expected 4.95 million. Sales sank 16% vs. a year earlier. Rising mortgage rates, tighter lending standards, job losses and stagnant wages are discouraging even credit-worthy would-be homebuyers.

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