Existing Home Sales Decline Despite Homes Becoming More Affordable
The National Association of Realtors announced today that existing home sales in October were down 3.1 percent as compared to September 2008. However, while home sales were down, the inventory of unsold homes slipped 0.9 percent to 4.23 million units, representing a 10.2 month supply.
Quicken Loans Chief Economist Bob Walters says he’s not surprised by the findings as consumers are still facing tough credit guidelines and uncertainty Read more