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EXISTING HOME SALES DROP IN AUGUST
US home sales, prices fall in August, By ALAN ZIBEL 24 Sep 2008 CNBC
WASHINGTON - A record decline in U.S. home prices in August attracted more buyers in some areas and led to a sizable decline in the number of unsold homes on the market, the National Association of Realtors said Wednesday.
The median sales price fell 9.5 percent to $203,100, the largest price decline on records dating to 1999. As prices fall, buyers are taking advantage of steep discounts, especially in hard-hit markets like California, Nevada and Florida. "Time and price are the real cures for the housing market slump," said Mike Larson, an analyst at Weiss Research. ............
The decline, however, merits only "a small round of applause" because around five months of inventory is a more typical level, ...........
Lawrence Yun, the trade group's chief economist, said he hopes the downward trend in inventories continues because, "home prices will not stabilize as long as inventories remain high."
Inventories have been driven higher by a massive wave of mortgage foreclosures, especially on risky loans. ............
The Realtors hope the government's takeover of mortgage finance companies Fannie Mae and Freddie Mac, combined with a massive purchase of distressed mortgage securities on Wall Street will ultimately make it easier for homebuyers to get a mortgage.
But with credit remaining tight and foreclosures still surging, "home prices are likely to decline considerably further in the quarters ahead,"............
Making matters worse for buyers, mortgage rates, which fell after the takeover of Fannie Mae and Freddie Mac, have been creeping back up ...........
Existing home sales fell in August .............. from year-ago levels.
While buyers are pouncing on lower prices — especially in places like California, Florida and Nevada — sales are sluggish in formerly stable markets like the Pacific Northwest and Charlotte, N.C., Yun said........................
"The flow of credit has been severely curtailed for housing and other sectors of the economy," Sandy Dunn, president of the National Association of Homebuilders said in a statement. "There's no time to waste."...........................
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