Or do you think it is pointless given the lack of jobs creation?
February existing home sales drop 0.6 percent
Existing home sales fall for third straight month raising worries about housing recovery
(AP) -- Sales of existing homes fell for a third straight month in February, pushing sales down to the lowest level since last July. There is concern the fragile housing rebound is faltering, making it harder for the overall economy to recover.
The National Association of Realtors said Tuesday that sales of previously occupied homes dropped 0.6 percent in February to a seasonally adjusted annual rate of 5.02 million.
The weakness in sales depressed prices with the median home price dropping almost 2 percent from a year ago to $165,100.
To keep mortgage rates low, the Federal Reserve has spent almost $1.25 trillion.
In addition, Congress extended a deadline for homebuyers to qualify for tax credits. Both programs are set to end soon. High unemployment and tough lending standards appear to be holding buyers back. That could derail housing as it tries to emerge from the worst downturn in decades and harm the overall economy. "
Until job growth resumes, housing demand will remain weak and susceptible to another lurch down when the homebuyer tax credit expires in April," said Sal Guatieri, an economist at BMO Capital Markets.
Answer by grlygrlz2 at 2:40 PM on Mar. 23, 2010
Answer by HistoryMamaX3 at 2:43 PM on Mar. 23, 2010
Answer by Anonymous at 2:47 PM on Mar. 23, 2010
Answer by twin_mommy at 3:07 PM on Mar. 23, 2010
Answer by Anonymous at 3:35 PM on Mar. 23, 2010
We just got a mortgage a few weeks ago for 4.75%
That was so not the point.
Answer by Anonymous at 5:00 PM on Mar. 23, 2010
Answer by Anonymous at 12:25 AM on Mar. 24, 2010