While the numbers are not large, there was an uptick in home sales for the month of July over June’s numbers by 2.8 percent. If you factor in the sales that probably got blown out by a failure to finance the numbers would have been better. (I know, woulda, coulda, shoulda) Overall, sales were down 10 percent from the previous July, but those numbers are not nearly as bad as the media would have us believe. And the median price of a home sold was up in July over the past year. Again, not alot, but it is still an increase.
The housing report showing sales up in July comes as credit standards have been tightening on home mortgages. Credit problems took a turn for the worse in August, making it even harder for some would-be buyers to get financing. That means home sales in the coming months will likely show renewed weakness, economists said.
“We were getting some signs of stabilization in July. This was certainly a positive number,” said Bernard Markstein, senior economist at the National Association of Home Builders. “If we could wipe out the events of the last several weeks, we would be rejoicing.” via Yahoo! Finance.
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