Home Resales Down For Fifth Straight Month

False incentives will hurt us in the long run

(NEWSER) - In case you missed it, be advised that home sales have fallen off a cliff. This week's grim numbers will no doubt raise the call for the Obama administration to reach into its bag of tricks (bring back that tax credit, maybe?) to encourage people to buy and thus keep prices from falling further. Here's hoping the government does no such thing, writes Tom Petruno in the Los Angeles Times . More»

Sales pace falls way short of 330K expected

(AP) - Sales of new US homes dropped sharply last month to the slowest pace on record, the latest sign that the economic recovery is fading. The Commerce Department says new home sales fell 12.4% in July from a month earlier to a seasonally adjusted annual sales pace of 276,600. That was the slowest pace on records dating back to 1963. More»

Crucial metric scores biggest jump in 47 years

(AP) - Sales of new homes surged 27% last month, bouncing off the previous month's record low and blowing past expectations as better weather and government incentives boosted sales. In all, new home sales rose to a seasonally adjusted annual pace of 411,000 in March, the biggest monthly jump in 47 years, according to the Commerce Department. Economists had expected a more modest increase to 330,000. More»

(NEWSER) - New home sales jumped 11% in June, the biggest gain in eight years, the Commerce Department announced today, as the supply fell to its lowest level in more than a decade. With mortgage rates and prices staggeringly low—the median home price fell 12%—buyers came out of the woodwork. Sales increased to a 384,000 annual pace, topping estimates, which had ranged from 335,000 to 377,000, Bloomberg reports. More»

Aim to take advantage of current low prices

(NEWSER) - Investors are snatching up cheap houses, hoping to turn a profit when the market picks up, the Wall Street Journal reports. Some are foraging far and wide for potential purchases; others are locals who know the ins and outs of the area market. Investors often make all-cash offers, helping them beat out would-be homeowners looking for new digs. More»