Home Sales Fall To 11 Year Low
Source: http://feeds.feedburner.com/~r/StocksOptionsBlog/~3/493218888/Posted on Tuesday, December 23rd, 2008 | In Stocks to Watch
Tuesday December 23, 2008
Navivest
New home sales for November on an annualized basis, fell to the lowest number since 1997. With forecasters looking for 415,000 annualized, new home sales came in at 407,000, a 13% decline year over year.
Existing home sales fared slightly better, with just an 8.6% year over year drop to 4.49 million units annualized. Forecasters had been looking for 4.93 million units.
Median home prices fell 13.2%, the largest on record, to just over $181,000.
While the drop could be welcomed for those looking to buy a house, the unfortunate fact is that home prices have been declining every month of late, with the declining on a percentage basis, growing with each passing month. That creates a situation where by potential buyers might sit on the sidelines since they can reasonably expect prices to fall further in the future.
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 About Daniel Shepard (http://www.navivest.com/blog)
Daniel Shepard is an Equity Analyst with Navivest, a stocks and options trading advisory services company that provides trading ideas on a subscription basis. |
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