Home Resales Down For Fifth Straight Month

Decline lower than expected, but unlikely to stop, experts say
By Kevin Spak,  Newser Staff
Posted Aug 27, 2007 1:08 PM CDT

(Newser) – Existing home sales slumped again in July—the fifth straight month the figures have been off and a sign that the market-draining housing downturn will continue. Though the 0.2 percent decline was the smallest movement since 2002, experts expect sales to continue dropping, according to Bloomberg.

Sales were down 9 percent compared to last year, causing supply to balloon to a 16-year high. The declines this month originated in the Midwest, with the South holding steady and the Northeast and West actually improving. “There's a big imbalance,” an analyst said, “with lots of people who want to sell and lots of hesitant buyers.”