U.S. pending home sales drop to new low in March

An industry group said Wednesday that pending U.S. home sales dropped to a new low in March, signaling the housing slump has yet to bottom out even as the spring sell season gets under way.

[sick and tired]

House For sale.Not being FORCED OUT. JUST TIRED OF OWNING A HOME. NICE BELLWOOD AREA.

[Darryl]

Know what's missing from this article? The actual NUMBER of home sales in March in the U.S. The sale of just NEW homes totaled 526,000 in March according to the Census Bureau. And, it might help give perspective to note that the National Association of Realtors (NAR) estimates existing home sales for 2008 at 4.95 million units. That's almost FIVE MILLION
homes being sold! Strange how the AP would use just percentages to try to present an implication that home sales are in the tank. Too bad. The AP used to be a reliable news service...but that was back when it had competition.

[Hardliner]

sick and tired wrote:

House For sale.Not being FORCED OUT. JUST TIRED OF OWNING A HOME. NICE BELLWOOD AREA.

I didn't know there was such a place as a "nice Bellwood area".

[ejhickey]

They are not making any more real estate - because they can't sell what they have.

[Hardliner]

ejhickey wrote:

They are not making any more real estate - because they can't sell what they have.

They are not making anymore real estate because they are foreclosing it!

[Lucid Realty]

The fundamental problem is that buyers and sellers are too far apart. This happens in the stock market all the time. Eventually sellers won't be able to hold out any longer and they will have to drop their prices. Only then will the volume return. And when it does it will be huge because of all the pent up demand. Buyers need to be ready to pounce.

[Hardliner]

Lucid Realty wrote:

The fundamental problem is that buyers and sellers are too far apart. This happens in the stock market all the time. Eventually sellers won't be able to hold out any longer and they will have to drop their prices. Only then will the volume return. And when it does it will be huge because of all the pent up demand. Buyers need to be ready to pounce.

You state the obvious. The root cause of it however is that the last of the sub-prime resets will not happen until July 2009. Once those are over and done with, the amount of foreclosures will level off thus reducing the surplus of inventory on the market which competes with new and existing construction. Then when that happens you will see prices level off and begin the long hard road to recovery. What that translates into is that you will not see the bottom of the market until at least the end of 2009.

[BluejayK]

I Love Ranch Homes. I Think They Are Better
Than Junky 2 Story Homes. Although Some 2 Story
Homes Are Nice. I Think The Majority Of 2 Story
Homes Are Junk. Ranch Homes Are Better Because
You Don't Have To Worry About Stairs.

[Hardliner]

BluejayK wrote:

I Love Ranch Homes. I Think They Are Better
Than Junky 2 Story Homes. Although Some 2 Story
Homes Are Nice. I Think The Majority Of 2 Story
Homes Are Junk. Ranch Homes Are Better Because
You Don't Have To Worry About Stairs.

I like eggs.

[Mike Mann]

www.justdontwalkaway.com is the ansear to your problems