Skip to: Content
Skip to: Site Navigation
Skip to: Search

July 25, 2008 4:50:34 PM CDT

Learn about Newser Points »

« Back to the grid | Next story »

Housing Sales Plunge In March

Posted Apr 25, 07 12:15 PM CDT in Business 

(Newser) – Sales of previously occupied homes fell 8.4 percent in March, marking the biggest monthly drop since 1989 and ending hopes for a spring rebound. The new National Association of Realtors numbers reflect an oversupply of homes, lenders subdued by the sub-prime crisis, and bad winter weather, the Wall Street Journal speculates.

Even once-hot markets like Miami-Dade now have two years of housing stock languishing, as lenders eliminate options like no-money-down loans. The tougher standards are "really starting to bite," says a Monarch Beach, Calif., real estate agent. A few markets, though, have escaped the downturn: Prices rose in Seattle, Portland, and Dallas, the New York Times reports.

Source Wall Street Journal

0 comments | Print E-mail | Digg Seed this on Newsvine Add this link to Del.icio.us StumbleUpon

Related Newser Stories

  • Stealing Home: Five Signs It's Time to Lowball

    Jun 20, 08 1:18 PM CDT
    Stealing Home: Five Signs It's Time to Lowball It's not always the economy, stupid. Even in a weak market, buyers should consider a homeowner's situation before hurling a lowball bid, writes Daniel McGinn in Newsweek. One real estate broker offers five sure signs that a seller is ready to deal:

    1. Nobody's home. Sellers who have moved on, or will soon, probably want to unload the property fast.
      More »

  • Shareholder Revolt Strips WaMu Execs of Fat Pay

    Apr 16, 08 1:19 PM CDT
    Shareholder Revolt Strips WaMu Execs of Fat Pay Washington Mutual shareholders got some of the blood they were out for yesterday, the Wall Street Journal reports, as the company backtracked on a pay scheme that would have shielded company executives from the subprime fallout. Board finance-committee head Mary Pugh also resigned, appeasing investors who blamed her for failing to prevent WaMu’s mortgage-related losses. More »

  • Housing Bill Loaded with Corporate Tax Breaks

    Apr 16, 08 9:54 AM CDT
    Housing Bill Loaded with Corporate Tax Breaks The bill was rushed through the Senate to come to the aid of homeowners facing foreclosure, but it turns out that some of its biggest beneficiaries are automakers, airlines and energy producers. The Senate’s housing bill is packed with billions in corporate tax cuts, the New York Times reports. With populist fervor behind the bill, lobbyists from a host of industries hit the Hill. And while the bill would help homebuilders and homebuyers, there’s little to actually prevent foreclosures. More »

  • Housing Starts Hit 17-Year Low

    Apr 16, 08 8:45 AM CDT
    Housing Starts Hit 17-Year Low Foreclosures and a glut of unsold homes flooding the market were blamed for an 11.9% drop in new housing starts last month, more than twice the slide economists had predicted, reports Bloomberg. Starts are at the lowest level since March 1991, according to the Commerce Department, casting a pall over hope for a rapid economic recovery. "Home construction is probably going to continue to fall right through this year,'' says one economist. More »

  • Senate Passes Housing Aid Bill

    Apr 10, 08 3:02 PM CDT
    Senate Passes Housing Aid Bill The Senate approved a $15 billion measure to address the housing slump today, including $6 billion in total tax breaks to homebuilding firms and a $7,000 tax credit for buyers of foreclosed homes. Though it passed by an 84-12 margin, opposition from President Bush and the House could yet sink the measure, Reuters reports. More »

For Sale Signs Multiply With Weakening Housing Market   (Getty Images (by Event))
« Prev« Prev | Next »Next » Slideshow
Our editors also recommend:

Original Documents

Threads (1 of 3)

Tags

housing market  • business  • subprime crisis  • housing  • National Association of Realtors


Loading...

Loading...

Today's Most Popular


Other Home Stories

What is Newser?

2008 Codie Finalist

Newser gives you more news in less time. We search for the best and most important stories all over the web, read them for you, and deliver concise and sharp summaries—along with links to the full text. Newser provides a way to stay on top of an ever-expanding horizon of news and opinion—politics, sports, business, trends, technology, personalities, crimes, and controversies. Newser keeps you not just better informed, but, with our signature graphic interface and smart condensed format, more enjoyably informed.

Learn more »