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| Economy |
| Sales of existing homes drop |
| 2012-06-22 |
| Despite the incentives to buy now -- namely that average rates on a 30-year mortgages are now 3.7% -- sales of single-family existing homes slipped 1.5% in May from a month earlier, according to data released today by the National Association of Realtors. Experts say the drop, which came during the historically busy spring season, suggests the housing market has a way to go to recover. If anything, the ranks of American homeowners are dwindling. The homeownership rate in the U.S. fell slightly from 66% to 65% during the first quarter of 2012 -- the lowest in 15 years, according to the latest data by the U.S. Census. (It peaked at just over 69% in 2004.) |
| Posted by:Fred |
| #3 If freight trains are selling a dime a dozen, but you don't have ten cents.... you're not likely to become a railroader. |
| Posted by: Besoeker 2012-06-22 06:58 |
| #2 The one thing I like about things slowing up is the urban sprawl has stopped. They always took prime productive farmland and cut down all the trees. Unique wildlife gone also. I'm old so I can see the before and after. Hiking and paddling areas harder to reach and many areas charge fees. Not to mention weekend kids party trash. I suspect people are moving into group homes. Forget childcare it's too expensive for most young people. So extended families is the best choice with limited resources. Like it was in the depression times. |
| Posted by: Dale 2012-06-22 06:37 |
| #1 (It peaked at just over 69% in 2004.) I thought the peak in ownership was just before the crash, no? |
| Posted by: Bobby 2012-06-22 05:40 |