Ahead of the Bell: Existing Home Sales

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WASHINGTON (AP) - An industry group's report due Monday is expected to show that existing home sales fell slightly in January from a record low pace the previous month, reflecting a rebound-resistant housing market.
The National Association of Realtors' report on sales of existing homes in the U.S. for January is scheduled for release at 10 a.m. EST.
Existing home sales in January are expected to drop to a seasonally adjusted

WASHINGTON (AP) - An industry group's report due Monday is expected to show that existing home sales fell slightly in January from a record low pace the previous month, reflecting a rebound-resistant housing market.

The National Association of Realtors' report on sales of existing homes in the U.S. for January is scheduled for release at 10 a.m. EST.

Existing home sales in January are expected to drop to a seasonally adjusted annual rate of 4.84 million units, down from 4.89 million in December, according to the consensus forecast of Wall Street economists surveyed by Thomson/IFR.

The December total was the lowest sales pace on record going back to 1999.

The association said earlier this month that it expects "soft market conditions" for several more months, but forecasts that the housing market will improve in the second half of this year.

One positive sign in December's report was a 7.4 percent drop in inventories of unsold homes. That decline, which still left a considerable 3.91 million homes unsold, "may have removed some unmotivated sellers from the market," economists at Nomura Securities said.

Still, "much higher sales volumes will be necessary to further cut the heavy supply of unsold homes," Nomura said in a research note.

Copyright 2008 The Associated Press. The information contained in the AP news report may not be published, broadcast, rewritten or otherwise distributed without the prior written authority of The Associated Press. Active hyperlinks have been inserted by AOL.

02/25/08 06:16 EST


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Existing home sales in January are expected to drop to a seasonally adjusted annual rate of 4.84 million units, down from 4.89 million in December, according to the consensus forecast of Wall Street economists surveyed by Thomson/IFR.

The December total was the lowest sales pace on record going back to 1999.

The association said earlier this month that it expects "soft market conditions" for several more months, but forecasts that the housing market will improve in the second half of this year.

One positive sign in December's report was a 7.4 percent drop in inventories of unsold homes. That decline, which still left a considerable 3.91 million homes unsold, "may have removed some unmotivated sellers from the market," economists at Nomura Securities said.

Still, "much higher sales volumes will be necessary to further cut the heavy supply of unsold homes," Nomura said in a research note.

Copyright 2008 The Associated Press. The information contained in the AP news report may not be published, broadcast, rewritten or otherwise distributed without the prior written authority of The Associated Press. Active hyperlinks have been inserted by AOL.

02/25/08 06:16 EST

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