CNN reports US existing home sales down a stark 27% to the lowest in 15 years.
“Home resales dropped a record 27..2 percent—nearly twice as much as analysts had expected—to an annual rate of 3.83 million in July, the National Association of Realtors said Tuesday.” they reported. They had expected a drop of only around 14 per cent
Some of the drop is due to the end of the Obama homebuyers’ tax credit and the rest, say experts, to the economy. The rest can be attributed, they say, to the softening economy.
This bodes ill both for the recoving economy and the prospects for Democrats in the fall elections.
More later on Care2. If you are facing troubles selling your home comment here and let us know what’s going on. We’ll try to use your ideas for a followup story.
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