Existing home sales plunged 5.1% (considerably worse than the 4.1% drop expected) to its lowest level in 18 months. This extends the string of missed expectations to 5 months as even the ever-credible NAR chief economist said it was not the weather but "we can’t ignore the ongoing headwinds of tight credit, limited inventory, higher prices and higher mortgage interest rates." First-time homebuyers plunged to a mere 26% of the total - the lowest share on record as all-cash (and spec) investors rose to a record 53% share of sales.
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DelMarVa's Premier Source for News, Opinion, Analysis, and Human Interest Contact Publisher Joe Albero at alberobutzo@wmconnect.com or 410-430-5349
Joe, have you heard anything about Fruitland cutting their impact fee to zero for a two year period? Someone told me this and I couldn't hardly believe it was true. I don't know why this hasn't been covered on any local news stations because this is a pretty big deal. These fees are part of the reason that nobody wants to build. If you have heard anything and it is true, can you do a post on it? It could mean some jobs.
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