The Commerce Department says that sales of new homes declined last month; and data released Monday shows that sales of existing homes are at the lowest level in four years.
Here are some interesting quotes from the article:
"A jump in mortgage rates this month and a glut of unsold properties on the market will continue to discourage home construction, economists said. The housing slump, already the worst since 1991, will restrain the economy for the rest of the year and potentially into next."
"Home prices in 20 metropolitan areas dropped 2.1 percent in the year ended April, the biggest year-over-year decline since record keeping began in January 2001, according to a report today from S&P/Case-Shiller. The decline was led by a 9.3 percent drop in Detroit and a 6.7 percent fall in San Diego."
"The median price of a new home fell 0.9 percent to $236,100 last month from $238,200 a year earlier, today's sales report from Commerce showed."
Our take on all this...It's a buyers market. There are deals everywhere!!!
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