The Chicago Sun Times Reports:
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Year-to-date, Chicago sales were down 19.6 percent to 87,624 homes
sold January through November 2007 compared to sales during the same
period last year.
The Chicago median home sale price in November was $247,000, up 0.8
percent from November 2006. Statewide, the median sale price declined —
to $193,000, down 3 percent from a year ago. The median is the price
where half the homes sold for more, half sold for less.
Nationally, the inventory of unsold homes in November was 4.27
million homes. At the current sales pace it would take 10.3 months to
exhaust that overhang.
From Guardian Unlimited:
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Wall Street economists had expected home resales to hold steady at
October’s previously reported 4.97 million-unit pace. October sales
were revised up to a 4.98 million unit rate, still a record low.
“Despite the good news in this report, we could just be in the eye
of the storm, as a significant number of mortgages reset (to higher
interest rates) early in 2008, (which) will likely increase
delinquencies and foreclosures, driving prices lower and pushing buyers
away,” said Benjamin Reitzes, an economist with BMO Capital Markets.
“This could get even worse before it gets better.”
Even The Australian News even reports of this issue.
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SALES of new homes in the US fell an unexpectedly sharp 9
per cent in November, while small gains reported for the previous two
months were largely erased by downward revisions.The magnitude of the decline, reported by the Commerce Department, surprised economists.
Based on earlier sales data, some had hoped that the housing market might be beginning to stabilise.
Joshua Shapiro, chief US economist at research firm MFR in New York, called the report “stunningly weak”.
Plummeting sales are causing a lengthening backlog of unsold homes
even as housing starts shrink. At the current sales rate, it would take
9.3 months to sell off the backlog of houses - a level exceeded only
twice since 1981. That suggests that prices will continue to fall well
into next year.
Sales of new homes last month fell to a seasonally adjusted annual
rate of 647,000, down from a revised October rate of 711,000. New home
sales last month were down 34.4 per cent from November 2006. That is
the largest year-to-year decline since the 35.3 per cent decline in
January 1991.
So, now that I have got you all depressed - Guess what? You don’t
have to be! The reason is because, for many who decided to stay in
their existing homes, now is the time to get all those updated and
other projects completed in your home.
Here are my two reasons to do this now.
- While the housing market is down, take the time to get your house
looking better then ever before. Not only will this give you a sense of
accomplishment but it will also give you an edge if you ever do decide
to sell your home.
- Fixing up your home to make it look like new and adding new
cabinets in the kitchen and updating to the most modern and energy
efficient appliances may help to make you realize just what a nice home
you have and this can give you the desire to stay right where you are.
You now have Showroom411 and everything you ever imagined about every aspect of remodeling your home is right here at your finger tips. Just become a Free Member and the interatactivity of this community base website, will help to make you an expert and master of fixing up and remodeling your home.
Products! Ideas! and Information! It is all here. You get hundreds of thousands of links to finding everyingthing and you can save it all in individual Projects in your MyShowroom Free Membership.
Use Showroom411.com to its full potential and you will become a remodeling expert from the knowledge you will get from our website.