The National Association of Realtors said Monday that sales of single-family homes and condominiums dropped by 0.4 percent last month to a seasonally adjusted annual rate of 4.89 million units. That was the slowest sales pace, going back to 1999, and was seen as evidence that the steepest slump in housing in a quarter-century has yet to hit bottom.
Also, the inventory of unsold homes jumped to a 10.3 months' supply, meaning it would take that long to sell the 4.19 million homes on the market at the January sales paces.
Joel Naroff, chief economist at Naroff Economic Advisors said: "With sales weak and inventories at extraordinarily high levels, prices are likely to fall a lot more, eventually, sellers will end their denial and realize that if they want to unload their homes, they will have to cut prices even more." San Diego home sales
UCLA predicts that GDP will dip by 0.4% in the second quarter of this year, but then rebound. Anderson expects GDP to be growing at 2.5% by the end of this year.
In staking out the contrarian position, UCLA bucked other forecasters in 2001 by correctly predicting that year’s recession.â€
Benny
San Diego Bail Bonds
Lenin was (sort of) right! He just didn’t know why. The inherent contradictions in a capitalist society will destroy capitalism as you know it! The oppression and greed of banks will lead to massive dislocations in the economy that will force true economic and social revolution in this country through legalized institutions.
Peter
San Diego Tourism
We have excessive real wealth that is burnt away by the finance industries in sucking real good money after worthless assets. Energy, Commodities hit so high that pull the carpet from under everyone’s feet.
Frank
San Diego California Real Estate
The goverment should take draconian measures like a creating a repo market to hide bank losses ? Or maybe draconian measures like bailing out home speculators because they might incur a loss?
Ethan
Tj Dentistry