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US Home Sales Slide, Prices Too!

Sales of existing homes crashed another 8% in September as inventories climbed.

 
Sales of existing homes crashed another 8% in September as inventories climbed, highlighting the continued downward spiral of the U.S. housing slump of the sub prime fallout. The National Association of Realtors said on Wednesday that the sales of existing homes slid to an adjusted annual rate of 5.04 million units in September, far under analyst’s expectations.

There were 4.40 million existing homes available for sales at the end of September, which is a 0.4% increase from this past August. At the current sales pace, it would take a record 10.5 months to work through that inventory.