Pending home sales in U.S. hit new low in March

Pending home sales in U.S. hit new low in March

www.cbc.ca

Pending U.S. home sales dropped to a new low in March, signalling the housing slump has yet to bottom out even as the spring sell season gets underway, an industry group said Wednesday.

On Tuesday, Fannie Mae, America's largest buyer of home loans, reported a $2.2 billion US first quarter loss, and its CEO said home prices in the period fell "faster than anyone anticipated." The company forecast a nationwide drop in home prices in 2008 of seven per cent to nine per cent.

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This whole thing is still just getting warmed up...

thoughts?

www.cbc.ca
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New mortgages plummet 70% as Bank's rates committee member votes for increase for the first time

By Becky Barrow
Last updated at 2:18 PM on 23rd July 2008

Home loan approvals slump 70% in a year
Repossessions soar by 300%
Estate agents report dramatic fall in home sales
Ratesetter voted to INCREASE interest rates, BOE minutes show
Britain's housing market took a fresh battering today as new figures revealed the number of homes sold has halved in the past year while the number of home loans approved last month fell by a staggering 66.9.

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Oh this is bad, I didn't realize that Britain was in the same financial struggles as the USA is. The above numbers are frightening. I am hurriedly trying to pay off everything I can, and squeezing each nickel until the buffalo poops.