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Home sales: Worst drop in 18 years

synthetiksynthetik
edited April 2007 in Housing Bubble
Link
NEW YORK (CNNMoney.com) -- Home sales posted their sharpest drop in 18 years in March, a real estate group said Tuesday, as problems in the subprime mortgage sector pushed sales well below what economists had forecast.

Sales of existing homes fell 8.4 percent to an annual rate of 6.12 million in March from February's 6.68 million rate, the National Association of Realtors said. It was the biggest one-month drop since January 1989. Economists surveyed by Briefing.com had forecast sales would fall to an annual rate of 6.45 million in March.

Finally. I was wondering if they were going to start quoting DOD (day over day) stats when MOM finally took a pounding. Sales -always- increase MOM during spring but not this time!

Comments

  • meshugymeshugy
    Except in Seattle....sales were up MOM 14% in Seattle this March. go Pink Ponies! :D
  • deejayohdeejayoh
    Shug - you must be hitting the bong early today
  • snigletsniglet
    deejayoh wrote:
    Shug - you must be hitting the bong early today

    Hardly. I am sure this just further's his conviction that all is roses for the Seattle market. The worse it gets in the rest of America, the better it is for Seattle. With prices dropping everywhere else, everyone will flock to Seattle in a grand flight to quality...

    The best thing for Seattle real-estate is a good thumping national recession.
  • georgegeorge
    Can you show me the link to that story?
    meshugy wrote:
    Except in Seattle....sales were up MOM 14% in Seattle this March. go Pink Ponies! :D
  • meshugymeshugy
    Just look at Tim's spreadsheet: http://timothyellis.googlepages.com/Seattle_Bubble.xls

    Pending Res Sales Feb. 2007: 2375
    Pending Res Sales Mar. 2007: 2710

    A 14% MOM increase....
  • T, V & Mr. B.T, V & Mr. B.
    and an 11% drop YOY. Yeah looks real strong.
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