MNeagle
24th August 2010, 08:11 AM
Home resales dropped a record 27.2% -- nearly twice as much as analysts had expected -- to an annual rate of 3.83 million in July, the National Association of Realtors said Tuesday. Meanwhile, inventories rose to 12.5 months from 8.9 months in June, pressuring already depressed home prices. Inventories are at their highest level in more than a decade.
"Historically July is the peak inventory month in any given year," NAR Chief Economist Lawrence Yun said.
Economists surveyed by Dow ...
http://online.wsj.com/article/BT-CO-20100824-708467.html?mod=WSJ_latestheadlines
Lowest point in 15 years they said.
"Historically July is the peak inventory month in any given year," NAR Chief Economist Lawrence Yun said.
Economists surveyed by Dow ...
http://online.wsj.com/article/BT-CO-20100824-708467.html?mod=WSJ_latestheadlines
Lowest point in 15 years they said.