July 15, 2024

San Diego housingExisting home sales in August dropped 4.3 percent from July, this marked a five-year low, the National Association of Realtors said this morning.  Existing home sales are down nearly 13 percent over the last 12 months.

Also, a report on consumer confidence from the Conference Board, showed the index dropped to 99.8 in September from 105.6 in August, much more than forecast. The index is now at its lowest level in nearly two years. [tags]existing home sales, real estate market, real estate sales, housing market, consumer confidence[/tags] San Diego Realtor

4 thoughts on “Existing Home Sales Drop To A 5 Year Low

  1. Seems the right time — foreclosures are ramping up at an alarming rate. Gov. taking action to help borrowers in trouble (prevent more foreclosures) as its weakening the financial market — its based on bonds, etc. Now is a very good time to buy real estate for your own living or as investment property. Have patience — industry lending rules are changing daily and most lenders are having a hard time keeping up with the changes, credit scores that would have normally been considered fairly good — may be scrutinzed more.
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  2. The main thing is that the location of the purchase is key. If you are buying where baby boomers want to retire, you may lose some value in the next few years, but you may not because of demand.
    The key is to not buy now if you want to move in the next 5 years.
    Don’t expect the house you buy to increase in value every year for the next 5 years.
    Make a smart mortgage decision and don’t get in over your head.
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  3. I remember in 2005 that It seems every month the paper reported that real estate sales were down by double digits though the values seem to be holding up. You would think an intelligent person would realize sales cannot drop by such a magnitude without values following.

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