Chris Cantell Discusses Real-Estate: Home sales reporting Claudia Sonea

Since July 2007 the news on the housing market are concerning. Still, the latest forecast from economists is brightening the sellers’ day, as they say the crisis will last at the most until next year in spring and then all those who hang in will be rewarded. That should better turn out to be true as the recent report shows only sales plunging deep this past two years. This year in March sales dropped 8.5 percent, registering the slowest sales pace since 1991, according the report of the Commerce Department released on Thursday. If from 2000 until 2005 the home sales market boomed, the last year and this year it has been in a slump. Both the new houses and the one already existent have seen a drop in their sales, according to the National Association of Realtors that reveals an increasing inventory of unsold homes due mortgage issues and subprime loans. Nationwide drop was above all expectations and surprised even the same economists that have a good forecast for next year. They gave as main reason the falling prices that are bound to attract investors. On the other side, there is the economy that might be in a recession (although it was not officially admitted), an idea that President Bush strongly rejects in spite of the gasoline price soaring and a drop in the demand for manufactured goods and for durable goods. A similar situation took place in 2001, when surprise, surprise, was the last economical recession. Another vital branch for the economy that was hit and influences greatly the housing market is labor. Although the sector is improving, there are still concerns that the weak economy leads to bankruptcies, cut downs and unemployment, thus people without any work don’t have any money to buy, nor to pay their mortgages. This is why what is worst has still to come. Don’t go away, there is more on the subject…

related story: http://news.yahoo.com/s/ap/20080424/ap_on_bi_ge/economy;_ylt=AliVB1CqAxeXIM0LUPo7PFGs0NUE

by Claudia Sonea for PocketNews (http://pocketnews.tv)

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edited by Tatiana Kucharikova