It seems, despite the Fed's efforts to unscamble the treasury complex's eggs, that the rate shock of a taper/no-taper decision has become sticky in the housing market. With the fast money exiting, existing home sales missed expectations for the 4th month in a row - dropping to the lowest annualized number since June (very much against the trend in recent years). This is the biggest month-over-month drop in existing home sales since June 2012 but, of course, NAR has an excuse... "low inventory is holding back sales." So, in other words, they could sell loads more houses if only there were more available for sale (or prices were lower...)...
This is not a "seasonal" thing... and in fact is very much against the seasonals of the last few years...
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There are 4 foreclosures on my block. I really have a hard time believing the shortage story.
ReplyDeleteEarlier today I offered 80% of the asking price for a home.I spoke with a realtor who conveyed my offer to the home owner.The owner acted insulted.No hard feelings.I wish him luck in selling it.
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