Tuesday, August 24, 2010

Largest Monthly Home Sales Drop Since Johnson Administration

Existing home sales dropped by more than 27% in the month of July. The largest monthly drop since 1968. No word yet on how the administration will blame this on Pres. Bush.

Sales of previously built single-family homes plunged in July to their lowest level since May 1995 as job fears trumped today's low mortgage interest rates and relatively affordable home prices.

The sales of existing single-family homes, condominiums and townhouses fell to a seasonally adjusted annual rate of 3.83 million, the National Association of Realtors reported Tuesday.