Friday, July 25, 2008
Existing Sales Down 15.5% from a Year Ago; Realtor vs. Realtwhore
Nobody is surprised. Right?
The National Association of Realtors reported that sales dropped by 2.6% in June to a seasonally adjusted annual rate of 4.86 million units, a 10-year low. Median house prices are also down 6.1%.
This is more than double the decline that had been expected and left sales 15.5 percent below where they were a year ago.
Meanwhile, Fitchratings.com has a new ratings system in place. It is expecting home prices to decline by an average of 25% in real terms at the national level over the next five years, starting from the second quarter of 2008. And that’s the base case scenario.
So why would anybody buy in this market? Check out Realtor vs. "Realtwhore" - Courtesy of Bloodhound Blog.