Home Sales Keep Falling
Abstract:
Home sales declined further in October signaling that the housing recession has not yet reached bottom. Combined new and existing home sales fell 48,000 (annual rate) but the drop was 90,000 compared to the initial September estimates before they were revised lower. The now reported month to month decline was at a 10% annual pace. While this is a slowdown from earlier in the year, it is far too high to indicate a turnabout to sustained sales increases in the next few months.
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Home sales declined further in October signaling that the housing recession has not yet reached bottom. Combined new and existing home sales fell 48,000 (annual rate) but the drop was 90,000 compared to the initial September estimates before they were revised lower. The now reported month to month decline was at a 10% annual pace. While this is a slowdown from earlier in the year, it is far too high to indicate a turnabout to sustained sales increases in the next few months.