New Homes Sales Fall to Record Low in July (RE agent, auction, foreclosures)

[whathousingrecovery?]

The news continues.............

"Sales of US New Home Sales Unexpectedly Fell to Record Low in July" - Bloomberg. 8/25/2010

Sales of U.S. New Homes Fall to Record Low Pace - Bloomberg

"Sales of U.S. new homes unexpectedly dropped in July to the lowest level on record."

"Purchases fell 12 percent from June to an annual pace of 276,000, the weakest since data began in 1963, figures from the Commerce Department showed today in Washington. The median price of $204,000 was the lowest since late 2003. "

"The median price decreased 4.8 percent from July 2009.
Purchases fell in all four regions, led by a 25 percent drop in the West. "

"The supply of homes at the current sales rate climbed to 9.1 months’ worth from 8 months in June. There were 210,000 new houses on the market at the end of July, the same as the prior month. "

"Foreclosures and short-sales are boosting the so-called shadow inventory, and competing with builders trying to sell properties as well. Home seizures increased almost 4 percent in July from the previous month, with 325,229 properties last month getting a notice of default, auction or bank repossession, RealtyTrac Inc. said.

So, new U.S. single-family home sales unexpectedly fell in July to set their slowest pace on record while prices were the lowest in more than 6-1/2 years. The Commerce Department said sales dropped 12.4 percent to a 276,000 unit annual rate, the lowest since the series started in 1963, from a downwardly revised 315,000 units in June.

[MikeyKid]

Where's glenn?!

Housing - stick a fork in it.

[Nesper]

Unexpectedly?

[whathousingrecovery?]

Originally Posted by MikeyKid

Where's glenn?!

Housing - stick a fork in it.

Exactly Mikey. Where is Glenn?

[Pugetsoundman]

Wake me up when housing prices start going up. That is when I'll buy my next house. Until then I'm enjoying being a renter, sitting on cash.....

[donsabi]

National news featured a few analysts who stated we are in for a second round of foreclosures. They went on to say they expected areas where real estate prices have fallen 50-60% will drop another 20% and homes that held up during the last crunch will fall this time. One also advised buying when interest rates started to climb rather on the decline. BTW, the web is loaded with predictions that agree.

However, I am still finding real estate agents who are telling me we are at bottom. The funny thing about one RE agent I met is that she still rents.

Pugetsoundman you may have to change your name to Rip Van Winkle.

[Pugetsoundman]

Originally Posted by donsabi

National news featured a few analysts who stated we are in for a second round of foreclosures. They went on to say they expected areas where real estate prices have fallen 50-60% will drop another 20% and homes that held up during the last crunch will fall this time. One also advised buying when interest rates started to climb rather on the decline. BTW, the web is loaded with predictions that agree.

However, I am still finding real estate agents who are telling me we are at bottom. The funny thing about one RE agent I met is that she still rents.

Pugetsoundman you may have to change your name to Rip Van Winkle.

Ha, ha, ha!!
I like it!

[58robbo]

Originally Posted by whathousingrecovery?

The news continues.............

"Sales of US New Home Sales Unexpectedly Fell to Record Low in July" - Bloomberg. 8/25/2010

Sales of U.S. New Homes Fall to Record Low Pace - Bloomberg

"Sales of U.S. new homes unexpectedly dropped in July to the lowest level on record."

"Purchases fell 12 percent from June to an annual pace of 276,000, the weakest since data began in 1963, figures from the Commerce Department showed today in Washington. The median price of $204,000 was the lowest since late 2003. "

"The median price decreased 4.8 percent from July 2009.
Purchases fell in all four regions, led by a 25 percent drop in the West. "

"The supply of homes at the current sales rate climbed to 9.1 months’ worth from 8 months in June. There were 210,000 new houses on the market at the end of July, the same as the prior month. "

"Foreclosures and short-sales are boosting the so-called shadow inventory, and competing with builders trying to sell properties as well. Home seizures increased almost 4 percent in July from the previous month, with 325,229 properties last month getting a notice of default, auction or bank repossession, RealtyTrac Inc. said.

So, new U.S. single-family home sales unexpectedly fell in July to set their slowest pace on record while prices were the lowest in more than 6-1/2 years. The Commerce Department said sales dropped 12.4 percent to a 276,000 unit annual rate, the lowest since the series started in 1963, from a downwardly revised 315,000 units in June.

i've seen a place i'm probably going to make an offer on though. i looked at renting but florida is horrendously expensive to rent at the moment so i thought i'd rather make a few offers on places. it's an reo and they're asking for $219000 but they want cash because the place is in no state to get a mortgage. i'm only interested in the land but the existing home is habitable while i build on the opposite end of the lot. i'm pretty sure that you could count the number of people who'd be interested in such a purchase and have the means, on one hand.
i'm debating whether i should go in with a totally delusional offer of around $80k or whether i should go in at what the place is worth around $110? lol

[Flat2MT]

58robbo - Go for it - your offer of $80K / $110K is a lot better than all those other offers of $0 they've received....

[70Ford]

15 Signs The U.S. Housing Market Is Headed For Complete And Total Collapse