1. More devastatingly dire economic tidings.
2. After four months of gimpy gains, home sales fell 2.7% in August.
3. And that's with the artificial stimulant of $8000 dollars in tax credits for first time buyers, an inducement scheduled to end in November.
4. One third of the few transactions which did close last month were consummated by new home owners.
5. The median price of a house fell to $177,700, down 12.5% from a year ago.
6. 30% of deals were foreclosures or similarly distressed sales.
7. Movement of homes over 2 million dollars are down 40%.
8. There are 3.5 million properties currently on the market, an 8.5 month supply at current sales rates.
9. No bottom in sight.
10. Unemployment near 10% has got to be the most pertinent explanation for the failure of real estate to rebound.
Existing-Home Sales Decline Unexpectedly; Market Weak - Real Estate * US * News * Story - CNBC.com
Existing-home sales dipped unexpectedly last month after a four-month streak of gains, providing evidence that the housing market recovery remains fragile.
The National Association of Realtors said Thursday that sales dropped 2.7 percent to a seasonally adjusted annual rate of 5.1 million in August, from a pace of 5.24 million in July.