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Pending Home Sales Take Giant Plunge

Experts recommend buying a house immediately

By Kevin Spak, Newser Staff

Posted Jan 8, 2008 12:25 PM CST

(Newser) – Pending home sales fell 2.6% in November from a revised 3.7% October gain, Bloomberg reports, far outstripping the 0.7% fall analysts predicted after an originally reported 0.6% October gain. The figures support Henry Paulson’s gloomy outlook on the housing market. “There is no evidence it is bottoming,” the treasury secretary said today, reiterating his call for government help for all mortgage holders, not just subprime borrowers.

The index is down 19% on the year and will fall further, analysts predict. “There’s more bad news to come in housing before it gets better,” said one economist. KB Home, the fifth-largest homebuilder in the US, reported big fourth-quarter losses today as record foreclosures continued to flood the market with homes; there was a 10.3-month supply in November.

An overgrown sign sits on the lawn of an old house for sale in Newtown, Penn., in this May 30, 2007 file photo. Reflecting further housing troubles, sales of existing homes fell in May to the lowest... (Associated Press)

Daniel Peart stands next to a "for sale" sign in front of his home in Poway, Calif., in this March 22, 2007 file photo. (AP Photo/Denis Poroy, File) (Associated Press)

John Malone, from Mountain View, Calif., looks at a flyer of one of the townhouses that is for sale in San Jose, Calif., in this Oct. 6, 2007 file photo. U.S. home prices fell in October for the 10th... (Associated Press)

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Experts recommend buying a house immediately

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Paulson Calls for More Housing Relief

Treasury secretary suggests aid for prime-rate borrowers

Homeowners Need Bailout, Too: FDIC Chief

Regulator clashes with Paulson, Bernanke over relief for lenders

Pressure Mounts for a Freddie, Fannie Bailout

Investors want Treasury to take the lead on mortgage giants sooner rather than later

TV Home Shows Boom During Bust

'People loved comedies during the Depression, too,' producer says

First Tax Rebates Go Out Monday

Paulson happy to be ahead of schedule

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Pending Home Sales Take Giant Plunge

Experts recommend buying a house immediately

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OTHER STORIES ON OUR RADAR

Henry Paulson • home resales • borrowers • housing crisis

MOST POPULAR STORIES

[ By Views ]

[ By Comments ]

More Newser Stories

Paulson Calls for More Housing Relief

Treasury secretary suggests aid for prime-rate borrowers

Homeowners Need Bailout, Too: FDIC Chief

Regulator clashes with Paulson, Bernanke over relief for lenders

Pressure Mounts for a Freddie, Fannie Bailout

Investors want Treasury to take the lead on mortgage giants sooner rather than later

TV Home Shows Boom During Bust

'People loved comedies during the Depression, too,' producer says

First Tax Rebates Go Out Monday

Paulson happy to be ahead of schedule

About Us

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Newser By Users

Community

Site Maps

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More News

What is Newser?