RobertB
January 2nd, 2008, 12:18 AM
Home sales up a bit, situation bleak
By JEANNINE AVERSA, AP Economics Writer Tue Jan 1, 12:26 AM ET
WASHINGTON - Sales of previously owned homes nudged up in November, but that didn't improve the broader picture of a feeble housing market racked by record-high foreclosures and harder-to-get credit.
The National Association of Realtors reported Monday that sales of existing single-family homes, condominiums and townhouses rose 0.4 percent in November from October, to a seasonally adjusted annual rate of 5 million units. Even with the small increase, the pace of sales was still the second-lowest on record going back to 1999. The lowest pace — 4.98 million — was registered in October.
"There's little reason to pop open any champagne corks," said Michael Larson, a real-estate analyst at Weiss Research Inc.
http://news.yahoo.com/s/ap/20080101/ap_on_bi_ge/economy
By JEANNINE AVERSA, AP Economics Writer Tue Jan 1, 12:26 AM ET
WASHINGTON - Sales of previously owned homes nudged up in November, but that didn't improve the broader picture of a feeble housing market racked by record-high foreclosures and harder-to-get credit.
The National Association of Realtors reported Monday that sales of existing single-family homes, condominiums and townhouses rose 0.4 percent in November from October, to a seasonally adjusted annual rate of 5 million units. Even with the small increase, the pace of sales was still the second-lowest on record going back to 1999. The lowest pace — 4.98 million — was registered in October.
"There's little reason to pop open any champagne corks," said Michael Larson, a real-estate analyst at Weiss Research Inc.
http://news.yahoo.com/s/ap/20080101/ap_on_bi_ge/economy