Resales of U.S. single-family homes and condos fell a surprisingly bad 8.6% in November ... the National Association of Realtors reported Tuesday, even as home prices fell at the fastest annual pace on record. ...Don't worry about all this. The place where you live is special. Also, the recovery is right around the corner, as it has been for the past three-and-a-half years. The recovery originally scheduled for late-2005 is now expected in mid-2009. The economists who overlooked the housing bubble can't possibly be wrong this time.
In the past year the median sales price fell 13.2% — the largest decline since data collection began in 1968 and likely since the Great Depression — to $181,300. Separately, the Federal Housing Finance Agency reported that U.S. home prices fell 7.5% over the 12 months ending in October, according to a monthly index that includes prices for houses with mortgages that have been sold to or guaranteed by Fannie Mae or Freddie Mac.
The inventory of unsold homes on the market rose 0.1% to 4.2 million, an 11.2-month supply at the current sales pace, according to NAR. The 11.2-month supply matches a recent peak set in April, and is the highest since the mid 1980s, according to NAR. ...
Elsewhere Tuesday, the Commerce Department reported that U.S. new-home sales fell to their lowest level in over 17 years in November. ... New home sales are 35.3% below their level in November 2007. ...
On Monday, federal regulators reported that the proportion of modified loans delinquent by 30 days or more was 55% after six months, while modified loans that were 30 or more days delinquent after three months stood at 37%.
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