Home sales rise - while prices fall 17%

Home sales rise - while prices fall 17%

money.cnn.com

NEW YORK (CNNMoney.com) -- Existing home sales rose in May, as increasingly affordable home prices and a first-time tax credit attracted hesitant buyers.

The National Association of Realtors reported that existing home sales ticked up 2.4% last month to a seasonally adjusted annual rate of 4.77 million million units compared to the downwardly-revised rate of 4.66 million in April.

The sales missed expert forecasts of 4.82 million annual units, according to a consensus estimate of analysts compiled by Briefing.com, and are off 3.6% from the 4.95 million-unit pace 12 months ago.

(visit the link for the full news article)

Well it looks like the incentives worked to some degree....

I realize this is a temporal figure, but it does bode well for the housing market ... and I bet there were no Sub Primes in that mix... finally some non-toxic home loans...


I hope this continues...

Outlook: Home prices may now be affordable enough to draw in more buyers, but "the real test for this theory will come next month," said Bob Walters, chief economist at Quicken Loans. "If the numbers remain strong, perhaps it is time to begin pondering if we have started to form a bottom in the housing market."

money.cnn.com
(visit the link for the full news article)

from what i see, unless you have a credit score of around 750 the average joe isnt buying houses. 2 weeks ago in our daily paper there was a half page edit about bankers and huge investors coming through and buying up prime realestate for pennies on the dollar.

so what i have been gathering is the rich or smart investor is gathering the great deals and waiting for the really good deals to appear soon!

like the old saying says: buy low sell hi.

just a bit more of my 2 cents here. i truthfully dont see how we have seen the bottom yet as the united states produces hardly anything anymore and people still have there credit cards and refinances to fall back on. give it a year!

reply to post by tatersalad


I agree, what the news fail to say is that many people are not getting the loans approved because they do not qualify for the loans, so now the calls for easing the lending practices (once again) to allow those that do not qualify (due to technicalities) get approval.

Then again isn't that type of thinking (technicalities that cause the market crash?).

Yeah, just give loans to anybody that wants them so the housing crisis starts to boom again.

Then wait another 10 years for the next housing bubble crash.



[edit on 23-6-2009 by marg6043]

While they are selling more homes than in recent months, what they are not telling you is that they are selling foreclosed homes for as little as $100; to inflate these figures in order to give the appearance that the economy is getting better.

Read this:

Got $100? Welcome to your new Detroit home
www.abovetopsecret.com...




[edit on 23-6-2009 by warrenb]

reply to post by warrenb


Yes I forgot about the foreclosures, I was thinking more about the new build homes.

Now occurs for 100 dollars you can get a boom in some cities.