Market Update Sept 2010
Sales of previously occupied homes plunged last month to the lowest level in 15 years despite the lowest mortgage rates in decades and bargain prices in many areas.
July's sales fell by more than 27 percent, the National Association of Realtors said Tuesday. It was the largest monthly drop on records dating back to 1968, and sharp declines were recorded in all regions of the country.
Sales were particularly weak among homes in the lower- to mid-priced ranges. For example, in the Midwest, homes priced between $100,000 and $250,000 tumbled nearly 47 percent.
The most probably reason is unemployment remains stuck at 9.5 percent, and many potential buyers worry they might not have a job to pay the mortgage.
