House sales increase in USA

[Cyberman]

The turning point, perhaps,


NEW YORK (CNNMoney.com) -- Sales of existing homes rose in September, but prices continued to drop, according to the latest reading on the battered housing market by an industry trade group released Friday.

The National Association of Realtors reported that sales by homeowners jumped in September to an annual pace of 5.18 million, up 1.4% from a year ago. It was the first time that sales rose compared to a year earlier since November 2005.

September sales were up 5% from the August reading of 4.91 million, marking the largest month-to-month increase since July 2003. Economists surveyed by Briefing.com had expected the report to show existing home sales rose to an annual pace of 4.95 million.

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[expat]

The turning point, perhaps,


NEW YORK (CNNMoney.com) -- Sales of existing homes rose in September, but prices continued to drop, according to the latest reading on the battered housing market by an industry trade group released Friday.

The National Association of Realtors reported that sales by homeowners jumped in September to an annual pace of 5.18 million, up 1.4% from a year ago. It was the first time that sales rose compared to a year earlier since November 2005.

September sales were up 5% from the August reading of 4.91 million, marking the largest month-to-month increase since July 2003. Economists surveyed by Briefing.com had expected the report to show existing home sales rose to an annual pace of 4.95 million.

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You mean that sellers have come to their senses and slashed prices, so the things are finally shifting, although at a loss?

[Cyberman]

You mean that sellers have come to their senses and slashed prices, so the things are finally shifting, although at a loss?

The fact is that buyers are there that were not there before. With increasing demand, falls will eventually bottom out and then we may see some rises. It may take a few months but this is positive news.

The UK is a different market because we are a small island with limited housing resources. If only we had reduced rates a year ago..... we could now be seeing positive results. As it is we have at least a year of suffering thanks to HMG inertia.

[AtW]

Could be banks using bailout package to buy out houses they gave morgages for.

[expat]

The fact is that buyers are there that were not there before. With increasing demand, falls will eventually bottom out and then we may see some rises. It may take a few months but this is positive news.

Not if the demand is only there at the lower price.

[Cyberman]

Not if the demand is only there at the lower price.

Of course it is positive news. If the demand was NOT there at these lower prices it would be much more negative as it would show that falls have even further to go. Bottoming out, and increasing numbers of buyers is a positive sign.

[ace00]

Maybe, for US property market only. Actually I've been researching buying somewhere in the States, but no-go on the mortgage front. Cash only or pay sub-prime interest rates (especially as I don't have a property to put up as collateral).

[sunnysan]

Limited Housing Stock

The fact is that buyers are there that were not there before. With increasing demand, falls will eventually bottom out and then we may see some rises. It may take a few months but this is positive news.

The UK is a different market because we are a small island with limited housing resources. If only we had reduced rates a year ago..... we could now be seeing positive results. As it is we have at least a year of suffering thanks to HMG inertia.

I dont buy this argument. Property has been the subject of intense financial speculation and has risen to levels far above its "real" value. Its real value IMHO is a multiple of average earnings and it will always be that. IANAEconomist so I scoulnt say what that figure is(I doubt most of them could either)

I think a lot of people are starting to realise that the goal of home ownership should not be attained at the price of your financial security and to give up your security to buy the option on a house is crazy. Like any derivative you can win big or lose big.

The obsession with home ownership in this country is pretty much just like any other bubble, the people that get in last get f3kced.

[expat]

I think a lot of people are starting to realise that the goal of home ownership should not be attained at the price of your financial security and to give up your security to buy the option on a house is crazy. Like any derivative you can win big or lose big.

Your house is pretty much only as secure as your income, regardless of whether you buy or rent.

[AlfredJPruffock]

Your do not own a property - it owns you.