A report from the National Association of Realtors showed that sales of existing homes were down 19 percent in September compared to the previous year and blamed the tightening credit market. Nationally, the inventory of existing homes is enough to last 10.5 months at the current sales rate. The figure for single-family homes is 10.2 months, the highest it has been since 1988. Also, a Wall Street Journal quarterly survey of 28 big cities revealed that the number of unsold homes was still rising, home values were falling and delinquencies were increasing in most places.
US home sales down, inventory up
October 25, 2007 06:18PM
