Not So Fast
10-17-2007, 08:16 AM
In case there was any doubt:(
Home sales plunge
Market at lowest level in 15 years
By Tony Raap
Tuesday, October 16, 2007 10:11 PM MST
Home sales in September plunged anew, skidding to their lowest level in about 15 years, signaling that the real estate market might have finally hit rock bottom, officials said Tuesday.
A total of 57 new and resale homes were sold in September in Lake Havasu City, the slowest month since the early 1990s, according to figures released by the Lake Havasu Association of Realtors.
It was “the worst month I’ve seen in a long time,” said Joel Selman, of Selman and Associates. “I think we’re getting very close to the bottom.”
The drop last month came amid a key interest rate cut by the Federal Reserve, a move many expected would spur home sales.
“A lot of it is psychological,” Selman said. “Buyers are concerned. They’re concerned about the political situation. They’re concerned about the war. …#045; There’s really no reason why people shouldn’t be buying more. They have the money. They’re just not spending it.”
Paula Singleton, president of the Lake Havasu Association of Realtors, shrugged off last monthÂ’s drop, saying the market should begin to pick up next year. She said home prices are beginning to tail off, noting that the average asking price and selling price are closer together.
“2008 is going to be remarkably different than 2006 and 2007,” Singleton said. “I’m not going to say we’re going to have another boom. Things won’t be quite that brisk, but it’s going to improve definitely over 2007.”
The reason? Interest rates are low, prices are low, and there is a large selection of inventory, she said.
“Buyers in a wait-and-see mode will see that it’s OK to buy. That will be more evident by the end of the year,” she said.
You may contact the reporter at raap@havasunews.com.
But yet the lady qouted says things are picking up, yeah, right!!
NSF
Home sales plunge
Market at lowest level in 15 years
By Tony Raap
Tuesday, October 16, 2007 10:11 PM MST
Home sales in September plunged anew, skidding to their lowest level in about 15 years, signaling that the real estate market might have finally hit rock bottom, officials said Tuesday.
A total of 57 new and resale homes were sold in September in Lake Havasu City, the slowest month since the early 1990s, according to figures released by the Lake Havasu Association of Realtors.
It was “the worst month I’ve seen in a long time,” said Joel Selman, of Selman and Associates. “I think we’re getting very close to the bottom.”
The drop last month came amid a key interest rate cut by the Federal Reserve, a move many expected would spur home sales.
“A lot of it is psychological,” Selman said. “Buyers are concerned. They’re concerned about the political situation. They’re concerned about the war. …#045; There’s really no reason why people shouldn’t be buying more. They have the money. They’re just not spending it.”
Paula Singleton, president of the Lake Havasu Association of Realtors, shrugged off last monthÂ’s drop, saying the market should begin to pick up next year. She said home prices are beginning to tail off, noting that the average asking price and selling price are closer together.
“2008 is going to be remarkably different than 2006 and 2007,” Singleton said. “I’m not going to say we’re going to have another boom. Things won’t be quite that brisk, but it’s going to improve definitely over 2007.”
The reason? Interest rates are low, prices are low, and there is a large selection of inventory, she said.
“Buyers in a wait-and-see mode will see that it’s OK to buy. That will be more evident by the end of the year,” she said.
You may contact the reporter at raap@havasunews.com.
But yet the lady qouted says things are picking up, yeah, right!!
NSF