U.S. Existing Home Sales Tumble
The Boston Globe reported October 25, 2007 that existing home sales across the U.S fell dramatically, posting a record 8 percent decline in September, according to data from the National Association of REALTORS® (NAR).
"The median price fell to $211,700 in September, down by 4.2 percent from the sales price a year ago. It was the biggest price drop since last October and marked the 13th time in the past 14 months the year-over-year sales price has decreased."
Many industry experts and economists blame the severe credit
crunch that hit in August when banks and other lenders tightened
standards in the face of soaring home loan defaults for September's dismal home sales data. The market all but
dried up for subprime borrowers, those with weak credit histories, and
people seeking so-called jumbo loans more than $417,000.
Read The Boston Globe Article
Comments