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Home Sales Up, But Numbers Misleading

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Written by Howard Dicus - hdicus@kgmb9.com

August 25, 2008 06:21 PM

The National Association of Realtors reports U.S. home sales actually rose last month. But Howard Dicus explains why that news is not as good as it sounds.

Home sales rose because speculators are buying foreclosed homes at fire sale prices. The more investors do that, the more downward pressure they will exert on the price of homes sold to regular consumers who buy homes to live in them.

July home sales rose 3 percent to an annual pace of 5 million homes sold, but economists say as many as a third of those are foreclosure sales or short sales, which refers to cut-rate sales to pay back a note fast.

Despite all that, there are so many unsold homes, at current sales pace it would take 11 months to run through them all. Hawaii has had few foreclosures, but even here there are more than before.

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Last Updated ( August 25, 2008 06:21 PM )

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