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Housing Sales Plunge In March

Oversupply and tightened lending hit hard in already-weak market

By J. Kelman, Newser User

Posted Apr 25, 2007 12:15 PM CDT

(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.

For Sale Signs Multiply With Weakening Housing Market (Getty Images (by Event))

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Housing Sales Plunge In March

Oversupply and tightened lending hit hard in already-weak market

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Original Documents

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

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More Newser Stories

Home Sales, Prices Plunge

Everyone was really surprised

Home Sales Up 5.5%, Biggest Gain in 5 Years

Inventories still at historic highs

Largest US Homebuilder Posts Biggest Losses Ever

Lennar stock drops after worse-than-expected earnings report

New Home Sales Drop 12.4% in July

Sales pace falls way short of 330K expected

July Home Sales Plummet 27.2%

Largest drop since records began in 1968

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Housing Sales Plunge In March

Oversupply and tightened lending hit hard in already-weak market

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OTHER STORIES ON OUR RADAR

Original Documents

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

MOST POPULAR STORIES

[ By Views ]

[ By Comments ]

More Newser Stories

Home Sales, Prices Plunge

Everyone was really surprised

Home Sales Up 5.5%, Biggest Gain in 5 Years

Inventories still at historic highs

Largest US Homebuilder Posts Biggest Losses Ever

Lennar stock drops after worse-than-expected earnings report

New Home Sales Drop 12.4% in July

Sales pace falls way short of 330K expected

July Home Sales Plummet 27.2%

Largest drop since records began in 1968

About Us

Site

Newser By Users

Community

Site Maps

Tools

More News

What is Newser?