Existing home sales dive 27.2 percent to 15-year low (foreclosure, debt, mortgage)

[baystater]

Existing home sales dive 27.2 percent to 15-year low - Yahoo! News (http://news.yahoo.com/s/nm/20100824/bs_nm/us_usa_economy_1 - broken link)

http://www.bloomberg.com/news/2010-0...lion-rate.html




Whoa! Holy sh!!!!!!!!!!!!!!!tttttttt! Now that is definitely a number for the bears.

[WonderingWanderer]

And just yesterday news came out about the experts saying housing is not a good investment. Housing in Ten Words « The Baseline Scenario

We aren't turning around anytime soon.

[HappyTexan]

People are draining their 401K's to survive.
Unemployment has been extended to almost 2 years ...2 years
People are getting laid off and not finding comparable jobs; they are trading in white collar jobs for service jobs.

And they wonder why no one can afford a home ?

[collegeguy35]

Happy Texan could not have said it better myself.

[texdav]

Basically all one has to do is look where people are putting their money that have it. Paying off debt and savings is the answer.The consumer and the corporations all are doing the same thing.

[Chango]

It's kinda starting to look like this winter will be extra-special on the economic front.

[Icy Tea]

Well we always talk about having a less commercial and consumer driven Holiday season, it looks like we'll have one.

[Timothylogan3]

And what is worse is foreclosures have yet to pick. At the moment none performing have ballooned. Meredith commented a few months ago that non performing are 1.5 times bigger than all the charge off nationally for all the big banks. And home prices are expected to fall by 20% by 2012.

[LeavingMA]

Originally Posted by Timothylogan3

And what is worse is foreclosures have yet to pick. At the moment none performing have ballooned. Meredith commented a few months ago that non performing are 1.5 times bigger than all the charge off nationally for all the big banks. And home prices are expected to fall by 20% by 2012.

This data is no surprise and it won't get much better. As far as foreclosures go there will be a lot more, and once the banks let go off all their shadow inventory it will be even worse. Banks are holding onto lots of homes because they don't want to take a huge hit and dump them. They are letting people live in these homes even though they are getting no mortgage payment.

[tijlover]

Perhaps more Americans are forgoing the "American Nightmare" for the "American Dream"--responsibility-free renting.

And once many get a good taste of renting, they may never go back to their old habits.