Sales of previously owned U.S. homes fell in July to the lowest level this year and prices also tumbled, a sign the housing sector won't soon regain its footing.
Existing-home sales declined 3.5% from a month earlier to a seasonally adjusted annual rate of 4.67 million, the National Association of Realtors said Thursday. Economists surveyed had expected home sales to rise by 4.0% to an annual rate of 4.96 million. Therefore it is a huge negative surprise.
Also, the housing prices are NOT Doing Well, either. The median price of an existing home in July was $174,000, down 4.4% from $182,100 a year earlier.
Economists say stronger income and job growth are needed to spur home buying and reduce the large inventory of foreclosures. But there is so much uncertainty in US economy that there is no recovery in sight at least for now.
In this declining housing market, it would be hard to sell a house. For example, in Brooklyn,it would take 8-10 months, on the average to have a property sold right now.
But if you are in a situation where you need to sell your house fast, there is still a way.
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