Backlog of U.S. Homes For Sale Is Worst on Record
August 26th, 2008Via: Independent:
The number of unsold homes on the market in the United States is at levels not seen for at least 40 years, and prices are continuing to slide, according to a disheartening new survey.
With participants throughout the financial system saying that the credit crisis cannot end until the US housing market stabilises, the monthly data from the National Association of Realtors (NAR) failed to show any unequivocal improvement.
The July figures did show an increase in the number of buyers, lured by the prospect of getting a long-term bargain. However, two out of every five sales are now distressed sales – such as foreclosed homes put on the market by banks – and desperate sellers are continuing to drop their prices.
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