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Existing-Home Sales Plummet Past Predictions

By Kevin Spak, Newser Staff

Posted Oct 24, 2007 11:53 AM CDT

(Newser) – The housing market absorbed more bad news today. Existing-home sales dropped 8% in September, hitting their lowest level since at least 1999, as tighter credit standards kept buyers away. The 5.04 million annual rate was far below projections, bolstering predictions of another rate cut... Read full story »

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housing market • subprime mortgages • credit market • home prices • home resales

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Home Sales Hit Record Low Despite Dropping Prices

Sales of existing properties down 20.7% over last year

(NEWSER) - Existing-home sales fell for the eighth consecutive month in October, hitting record lows in a survey of realtors. Resales dropped to an annual rate of 4.97 million, down 1.2% from September, despite a huge 5.1% drop in median price. “Price declines are part of the healing process,” an economist told CNN, “but we have a lot of healing to do.” More»

Top Chicago Homebuilder Goes Bankrupt

Neumann becomes second largest builder to fall in subprime collapse

(NEWSER) - Neumann homes, a top Chicago homebuilder, will file for Chapter 11 bankruptcy protection, the Chicago Tribune reports, making it the second-largest builder felled by the dive in the housing market. The company has laid off all but 20 of its 110 workers. “I’m not overly optimistic about the future of this industry right now,” said CEO Ken Neumann. Other area builders could follow, Bloomberg warns. More»

Largest US Homebuilder Posts Biggest Losses Ever

Lennar stock drops after worse-than-expected earnings report

(NEWSER) - The atrophied housing market has sent America’s largest homebuilder into even more of tailspin than expected. Lennar announced today it lost $513.9 million last quarter, or $3.25 per share—the worst losses in its 53-year history. Lennar says home discounting and the dismal mortgage situation will force it to cut more jobs to return to profitability, Bloomberg reports. More»

Bush Promises Mortgage Relief

Fed agencies to offer aid to help Americans during credit squeeze

(NEWSER) - The government will roll up its sleeves and aid homeowners battered by the subprime mortgage crunch, but it will forsake “speculators” trying to exploit the crisis, President Bush said today. The FHA will step in and help delinquent borrowers avoid foreclosure by refinancing at lower rates, but experts predict more than 2 million Americans will lose their homes, Bloomberg reports. More»

Monthly Foreclosures Climb Again

Figures jump 93% over 2006; 1 in every 693 households in default

(NEWSER) - Foreclosure numbers were up big again in July, rising 9% from June’s figures and a whopping 93% from a year ago, an unwelcome sign for already reeling credit markets. Foreclosures rose in 43 states, but California, Florida, Michigan, Ohio and Georgia accounted for over half of the the activity, Forbes reports. More»

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Existing-Home Sales Plummet Past Predictions

housing market • subprime mortgages • credit market • home prices • home resales

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More Newser Stories

Home Sales Hit Record Low Despite Dropping Prices

Sales of existing properties down 20.7% over last year

Top Chicago Homebuilder Goes Bankrupt

Neumann becomes second largest builder to fall in subprime collapse

Largest US Homebuilder Posts Biggest Losses Ever

Lennar stock drops after worse-than-expected earnings report

Bush Promises Mortgage Relief

Fed agencies to offer aid to help Americans during credit squeeze

Monthly Foreclosures Climb Again

Figures jump 93% over 2006; 1 in every 693 households in default

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