October Existing Home Sales: Still Falling
Existing home sales declined in October, as fewer people decided to buy a new place to live. The number of existing homes sold last month fell 2.2 percent from September, according to the National Association of Realtors. Compared to 12 months ago, existing home sales are off 25.9 percent, more evidence that the housing crisis has not yet reached bottom.
High unemployment is a key factor in the lack of demand for housing, since more people are forced to stay put by their unfortunate job circumstances. The other mitigating factor in home sales is a fear among buyers that homes purchased today will be worth less a year from now. Some experts have predicted another 10 percent drop in home prices over the next 12 months.
For more on home sales, home prices and related topics see these AOL Real Estateguides:
