US existing home sales fall in August

[Omaha Steve]

Source: AP-EXCITE

By JOSH BOAK

WASHINGTON (AP) — Fewer Americans bought homes in August, as investors retreated from real estate and first-time buyers remained scarce.

Sales of existing homes fell 1.8 percent to a seasonally adjusted annual rate of 5.05 million, the National Association of Realtors said Monday. That snaps a four-month streak of gains. August sales are down from a July rate of 5.14 million, a figure that was revised slightly downward.

Much of the decline came from the exodus of investors, who had been buying properties in the aftermath of the housing bust and recession. Investors accounted for just 12 percent of August purchases, compared to 17 percent a year earlier.

Overall, the pace of home sales has dropped 5.3 percent year-over-year.

FULL story at link.



In this Thursday, May 29, 2014 photo, prospective buyer Mary Tuttle, right, checks out antique lighting fixtures while looking at a home with real estate broker Nancy Dowson, left, with Keller Williams Realty, in Miami Shores, Fla. The National Association of Realtors reports, on Monday, Sept. 22, 2014, on sales of existing homes in August. (AP Photo/Wilfredo Lee)

Read more: http://apnews.excite.com/article/20140922/us--home_sales-fae4b9baf0.html

[titaniumsalute]

1. The housing market has recovered some which is good news

I'd rather have some moderate housing growth and stability than another friggin bubble where it is growing 10 to 20% annually again. Overall millions of home prices have increased in the past three to four years helping numerous home owners increase the values of their homes and to not be "upside down" in mortgages.