« Home prices plummet to a new record
Russia weighs response to NATO ships »
Aug 27 2008

Backlog of US homes for sale is worst on record

Posted by: in News

Source: The Independent

The number of unsold homes on the market in the United States is at levels not seen for at least 40 years, and prices are continuing to slide, according to a disheartening new survey.

With participants throughout the financial system saying that the credit crisis cannot end until the US housing market stabilises, the monthly data from the National Association of Realtors (NAR) failed to show any unequivocal improvement.

The July figures did show an increase in the number of buyers, lured by the prospect of getting a long-term bargain. However, two out of every five sales are now distressed sales – such as foreclosed homes put on the market by banks – and desperate sellers are continuing to drop their prices.

The median price of a US home fell in July to $212,400, down 7.1 per cent on a year ago, according to the NAR. There was a 3.1 per cent increase in the seasonally adjusted number of sales last month compared with June, better than economists had predicted, but activity levels were 13.2 per cent lower than July 2007, and the number of homes coming on to the market also rose in July, meaning that it would take 11.2 months to clear the backlog at the current pace. That figure is the highest since the NAR began collecting data in 1968.

All the figures exclude newly built homes, of which there is a glut and whose latest monthly sales data is released today.

…

Related posts:

  1. US retail sales fall at record rate Source: FT.com The dire mood among US consumers was highlighted...
  2. US retail sales fall at record rate Source: FT.com The dire mood among US consumers was highlighted...
  3. US financial stocks in worst fall since 2000 Source: FT.com US financial stocks suffered their worst one-day fall...
  4. Home prices plummet to a new record Source: money.cnn.com National U.S. home prices fell a record 15.4%...
  5. S&P: Home prices drop by record 15.8 pct in May Source: The Associated Press A closely watched housing index shows...

Related posts brought to you by Yet Another Related Posts Plugin.

This entry was posted on Wednesday, August 27th, 2008 at 9:22 pm and is filed under News. You can follow any responses to this entry through the RSS 2.0 feed. You can skip to the end and leave a response. Pinging is currently not allowed.

Leave a Reply

  • Search

  • RSS G.O.O.D

    • Agencies strain to help influx of families in need November 20, 2008
      Source: Nashuatelegraph.com … “It’s tough to keep up,” Boifvert said. “Money is tight, so people can’t really donate as much as they used too. People are really struggling.” The slow in supplies won’t halt the demand this Thanksgiving, either. According to Boifvert, there has been a 40 percent increase in the number of clients in need of [...] Related posts:Load Up the Pantry, says the WSJ Via WSJ.com I don't want to alarm anybody, but maybe...New West Nile virus strain may worsen epidemic ReutersA new strain of West Nile virus is spreading better...Food Crisis Grows and so Does Hormel and Spam Interesting tidbits are quoted here, so make sure to read...
    • Oil prices falls under $50 a barrel November 20, 2008
      Source: money.cnn.com Oil prices continued to plunge Thursday, dropping below $50 a barrel as growing concern about the economy pointed to weak demand for energy. The price marked the lowest level in three-and-a-half years. On the final day of trading for the December contract, U.S. crude futures fell $4 to settle at $49.62 a barrel, the lowest settle [...] Related posts:Oil hits new high of nearly $140 a barrel Via: FT.comCrude oil prices jumped to a fresh high of...Oil soars to new record above $125 a barrel Check the tire pressure in your bicycles...From money.cnn.com Oil prices...Oil dips below $100 a barrel Source: FT.comCrude oil prices dipped below the $100-a-barrel level this...
    • Paulson Was Behind Bailout Martial Law Threat November 20, 2008
      Source: Prison Planet … Speaking on Tulsa Oklahoma’s 1170 KFAQ, when asked who was behind threats of martial law and civil unrest if the bailout bill failed, Senator James Inhofe named Treasury Secretary Henry Paulson as the source. “Somebody in D.C. was feeding you guys quite a story prior to the bailout, a story that if we [...] Related posts:Bailout bill passes Senate, as a result of fear mongering, bribery, and threats of martial law Source: baltimoresun.comSome of the changes appeared aimed at enticing specific...Paulson Seeks Authority to Shore Up Fannie, Freddie Full story at: Bloomberg.comTreasury Secretary Henry Paulson swung the weight...Peter Schiff, Hyper Inflation and Martial Law Peter Schiff, Hyper Inflation, Martial Law...
    • No U.S. growth until third quarter 2009 November 20, 2008
      Source: Reuters The U.S. economy will not grow until the third quarter of 2009 and is currently shrinking much more sharply than previously expected as what may be the worst recession in decades tightens its grip, a Reuters poll showed. Economists downgraded their growth estimates dramatically from just one month ago, since data showed the world’s largest [...] Related posts:EU growth seen grinding to a halt Source: FT.comEurope’s economic outlook is “precarious” with growth expected to...Consumer Prices Fall, Raising Deflation Danger Source: Bloomberg.com The cost of living in the U.S. fell...Fed sees both unemployment, prices on rise, slower growth Times will get harder over the next few years. Those...
    • Statement From G-20 Summit: In English November 20, 2008
      Source: Catherine Austin Fitts Blog The Editor of Expresso in Portugal wanted my take on the recent G-20 communique. Here is my “translation” of the official statement: 1. Now that the growth of debt and derivatives bubbles has stalled, we are committed to using governmental-central bank mechanisms to cover the positions of any of the large private [...] Related posts:Buffett warns on investment ‘time bomb’: The derivatives market Source: BBC NEWSThe rapidly growing trade in derivatives poses a...Statement by Secretary Henry M. Paulson, Jr. - Call for Special Weekend Meeting of G20 Over the past twelve months President Bush and I have...Derivatives the new ‘ticking bomb Via Market Watch Buffett and Gross warn: $516 trillion bubble...
    • Big Three auto CEOs flew private jets to ask for taxpayer money November 20, 2008
      Source: CNN.com Some lawmakers lashed out at the CEOs of the Big Three auto companies Wednesday for flying private jets to Washington to request taxpayer bailout money. “There is a delicious irony in seeing private luxury jets flying into Washington, D.C., and people coming off of them with tin cups in their hand, saying that they’re going [...] Related posts:American automakers General Motors and Ford fight for survival Source: guardian.co.ukAmerica's biggest car manufacturers, General Motors and Ford, are...Failure of auto industry could set off catastrophe Source: Yahoo! FinanceAdvocates for the nation's automakers are warning that...Factories close, supermarkets empty and jets run out of fuel as truckers’ strike bites From: The GuardianStrike action by thousands of Spanish and Portuguese...
    • Global stocks at 5-1/2 year lows November 20, 2008
      Source: Reuters World stocks dropped to 5-1/2 year lows and oil hit 22-month troughs as investors reacted to dire Federal Reserve warnings on the economy and fears about the viability of major U.S. auto makers and bank giant Citigroup. Federal Reserve officials slashed economic growth forecasts through 2009, with the lower range of the Fed’s central tendencies [...] Related posts:Oil sinks to fresh 20-month lows Source: FT.comOil sank to fresh 20-month lows on Wednesday, extending...Global stocks plunge, yen leaps as credit fears dominate Source: ReutersWorld stocks plunged to three-year lows on Monday as...Global Stocks, U.S. Futures Decline, Led by Banks; Yen Rallies Source: Bloomberg.comStocks tumbled around the world and U.S. index futures...
    • Dow slumps below 8000 November 19, 2008
      Source: smh.com.au US stocks sank and benchmark indexes slid to their lowest levels since 2003 on growing concern over the health of the financial system and survival of the nation’s car industry. Citigroup tumbled 23% to $US6.40, a 13-year low, on a plan to buy $US17.4 billion of troubled investment-fund assets. General Motors slid 9.7% to [...] Related posts:Confidence slumps as home prices post record fall Also From Reuters Consumer confidence fell to a five-year low...Global Stocks Fall on Recession Concern; Commodity Producers, Euro Decline Source: Bloomberg.comStocks fell around the world, the euro sank to...Global Stocks Tumble, Driving S&P 500 to Worst Week on Record Source: Bloomberg.comStocks tumbled around the world, driving the Standard &...
    • Consumer Prices Fall, Raising Deflation Danger November 19, 2008
      Source: Bloomberg.com The cost of living in the U.S. fell by the most on record and construction began on the fewest homes ever last month, evidence the economy is in the worst recession in at least a quarter century. The consumer price index plunged 1 percent last month, the most since records began in 1947, the [...] Related posts:Consumer Prices in U.S. Rise at Fastest Pace in 17 Years on Energy, Food Source: Bloomberg.comU.S. consumer prices rose at the fastest pace in...Consumer prices rise at double the expected rate Source: The Associated PressConsumer prices shot up in July at...UK: House prices post record annual fall Source: Top News | ReutersHouse prices fell for the seven...
    • Farming takes a hit, which means food prices could rise November 18, 2008
      Source: loggingStocks The problems may be especially acute in the US where some farmers have been making a fortune off corn due to feed demand and ethanol. Many of those farmers decided to expand, take on more debt, and buy new equipment. The price of corn has dropped like a rock over the last five months. [...] Related posts:Cost of bread and butter up 43% Source: Daily ExpressTHE cost of basic foods has soared by...US floods hit food prices Yes indeed, expect higher prices, and also expect shortages, just...Mexico freezes prices on food items to stem inflation From: Houston Chronicle Moving to stem rising inflation and civil...
    • U.K. Inflation Rate Falls Most Since at Least 1997 November 18, 2008
      Source: Bloomberg.com The U.K. inflation rate fell more than economists forecast in October, recording the steepest drop in at least 11 years and giving the Bank of England scope to cut interest rates further as the economy slides into a recession. Consumer prices rose 4.5 percent from a year earlier, compared with 5.2 percent the previous [...] Related posts:U.K. Inflation Reaches Fastest Since at Least 1997 Source: Bloomberg.com U.K. inflation quickened to the fastest pace in...King backs job losses to curb inflation Unemployment therapy for inflationFrom FT.com The economy needs to slow...Economists see credit crisis nearing end, but unemployment/inflation will rise So the issues are with housing, credit, high energy costs,...
    • Tuberculosis: A new pandemic? November 17, 2008
      Source: CNN.com Many people think of tuberculosis as being a disease from the past. The truth is far from it: Tuberculosis is mutating into dangerous new strains for which there is no known cure. One of the most frightening strains is XDR-TB, which stands for extensively drug-resistant TB. Unlike less virulent strains, XDR-TB does not respond to the [...] Related posts:World warned over killer flu pandemic Source: The IndependentThe world is failing to guard against the...Flu pandemic is coming- death rate could exceed 300 million. Emphasis added, see the bold parts...and do not rely on...Government Report Answers Who Lives, Who Dies in Flu Pandemic From FOXNews.com Doctors know some patients needing lifesaving care won't...
    • Citigroup to shed another 53,000 jobs November 17, 2008
      Source: Yahoo! News Citigroup Inc. is shedding approximately 53,000 more employees in the coming quarters as the banking giant struggles to steady itself after suffering massive losses from deteriorating debt. The New York-based bank, which has already reduced its assets by about 20 percent since the first quarter of the year, also plans to trim expenses by [...] Related posts:A black Friday for 16,000 workers as Citi and Sun plan massive layoffs Source: BloggingStocksThe two companies announcing big layoffs: a big bank...US backs Citigroup takeover of Wachovia, gets stake Rest assured, Wachovia did NOT fail...ok.Source: AFPCitigroup agreed to buy...GM to cut jobs, suspend dividend, sell some assets in order “to Survive” OK, so GM is doing what it takes in order...
    • Poaching on the increase in the UK November 17, 2008
      Source: The Independent Once, the poacher was a man with big pockets in his raincoat sneaking on to an aristocrat’s land to steal game for his family pot. Now he is likely to be part of a gang from town, in it for hard cash, rampaging through the countryside with guns, crossbows or snares. Police in [...] Related posts:TrueCrypt I've been using TrueCrypt for a few weeks now, on...Security & Crypto Security and cryptography, not because we have to, but because...Wal-Mart to film gun sales in bid to fight crime From Reuters Wal-Mart Stores Inc, the world's largest retailer, unveiled...
    • Housing market ‘far worse’ than figures suggest November 17, 2008
      Source: The Independent House prices across the UK have already fallen far further than official data and market indicators suggest, Rightmove, the online estate agent warned yesterday, as it revealed that up to 300 estate agents were quitting its service every month. While the latest figures from leading mortgage lenders such as Halifax suggest that prices are [...] Related posts:UK government plans housing market rescue Source: The Associated Press The British government unveiled a package...U.K. Home Prices Drop as Economy Nears `Abyss,’ Rightmove Says Source: Bloomberg.comU.K. house prices posted the biggest annual decline in...Congress approves housing bill Source: Reuters The U.S. Congress approved a massive housing market...
    • Food Crisis Grows and so Does Hormel and Spam November 17, 2008
      Interesting tidbits are quoted here, so make sure to read the entire article. The quality of food on the table is obviously decreasing, so maybe people are also planning to stock up on Flintstone vitamins… Source: NYTimes.com The economy is in tatters and, for millions of people, the future is uncertain. But for some employees at the [...] Related posts:The Next Crisis Will Be Over Food Source: dailyreckoning.com.auThe United States is now a net importer of...Global food crisis sparks US survivalist resurgence Via ABC News (Australian Broadcasting Corporation) So far the threat...iReporters end splurges to pay for food The feedback from this story is interesting. People actually start...
    • The week ahead: Weathering bad news November 17, 2008
      Source: money.cnn.com Monday: The NY Empire State index, a regional manufacturing report, is expected to slump to negative 26 in November from negative 24.6 last month. Any negative reading shows weakness. Tuesday: The Producer Price Index (PPI), a measure of wholesale inflation, is expected to have fallen 1.5% in October after falling 0.4% in the previous [...] Related posts:Four largest US banks’ outlooks slashed-Oppenheimer Full Story at Reuters The earnings outlooks for the four...Tens of thousands to be laid off every week as Britain falls in recession Source: guardian.co.ukTens of thousands of people could be laid off...Manufacturing marks sharpest fall since 1984 Source: MarketWatch The nation's manufacturing firms were contracting at a...
    • Japan slips into recession November 17, 2008
      Source: FT.com The Japanese economy entered its first recession in seven years, as growth declined for the second quarter running by a wider margin than expected, raising fears the situation could deteriorate amid the global downturn. Gross domestic product shrank an annualised 0.4 per cent in the three months to the end of September, following a [...] Related posts:US shares fall as recession fears reinforced Via FT.com / Markets Wall Street stocks fell in early...Retail sales data heighten US recession fears From the Financial TimesRecession fears continued to grip the US...Recession still likely in US, says Greenspan From: FT.comThe US is still more likely than not to...
    • Video: Avian Influenza: Preparing for the Pandemic November 16, 2008
      Avian influenza, or bird flu, is a major concern for public health authorities and is an increasing threat to public health. Dr. David Henderson, deputy director for clinical care of the NIH Clinical Center, discusses what bird flu is, how it spreads, and where we can look for possible treatment and prevention. Presented October 18, [...] Related posts:World Health Organization Avian Flu draft 2008 Get it at: WikileaksOn the risk of Avian Pandemic Influenza...World warned over killer flu pandemic Source: The IndependentThe world is failing to guard against the...Flu pandemic is coming- death rate could exceed 300 million. Emphasis added, see the bold parts...and do not rely on...
    • Failure of auto industry could set off catastrophe November 16, 2008
      Source: Yahoo! Finance Advocates for the nation’s automakers are warning that the collapse of the Big Three — or even just General Motors — could set off a catastrophic chain reaction in the economy, eliminating up to 3 million jobs and depriving governments of more than $150 billion in tax revenue. Industry supporters are offering such grim [...] Related posts:Big Three auto CEOs flew private jets to ask for taxpayer money Source: CNN.com Some lawmakers lashed out at the CEOs of...Integrity Bank Becomes 10th U.S. Failure This Year Source: Bloomberg.comIntegrity Bank of Alpharetta, Georgia, was closed by U.S....The “biggest reshaping of the financial industry since the Great Depression” Source: Bloomberg.comIn the biggest reshaping of the financial industry since...

  • RSS T.G.O.H

    • Tennessee Adopts $9.5 Million University Piracy Measure Despite School Layoffs November 19, 2008
      Here we can plainly see that the concerns (and profits) of the American Corporate state supersede everything else… Source: Wired.com Combating music piracy at Tennessee’s public university system is more important than hiring teachers and keeping down tuition costs. Just-signed legislation requires the 222,000-student system to spend an estimated $9.5 million (.pdf) for file sharing “monitoring software,” “monitoring [...] Related posts:Preparing for Economic Collapse: Schwarzenegger Highlights Efforts to Boost Emergency ResponseTerrorist Watch List Hits One Million NamesACLU ISSUES ALARM ABOUT MIDDLETOWN PLAN TO ELECTRONICALLY MONITOR SCHOOL CHILDREN
    • Vice president, former AG, state senator indicted November 19, 2008
      Source: Houston Chronicle A South Texas grand jury has indicted Vice President Dick Cheney and former Attorney General Alberto Gonzales on state charges related to the alleged abuse of prisoners in Willacy County’s federal detention centers. The indictment, which had not yet been signed by the presiding judge, was one of seven released Tuesday in a county [...] Related posts:Iranian president: ‘Big powers’ going downDOD Panel: Next President to ‘Likely’ to Face Crisis in First 270 DaysState-Sponsored Terror: British and American Black Ops in Iraq
    • Homeland Security and Justice Departments Providing More Info to Local Officers November 17, 2008
      Source: National Ledger Wake County Sheriff’s Office on Wednesday became the first of four law enforcement agencies in North Carolina to receive new database link that will automatically check the criminal and immigration history of all individuals booked into the jail, according to a report submitted to the National Association of Chiefs of Police. This new [...] Related posts:Homeland Security to direct cybersecurity initiativeProject Shield: Homeland Security Program Riddled With ProblemsHomeland Security Department Testing “Pre-Crime” Detector
    • Gulf War illness is real, new federal report says November 17, 2008
      Source: CNN.com An extensive federal report released Monday concludes that roughly one in four of the 697,000 U.S. veterans of the 1990-91 Gulf War suffer from Gulf War illness. That illness is a condition now identified as the likely consequence of exposure to toxic chemicals, including pesticides and a drug administered to protect troops against nerve gas. The [...] Related posts:2 More US aircraft carriers headed for GulfU.K. Report Finds Emerging Threats In SpacePeaceful Protesters Become Terrorists in a Federal Database
    • Bush Administration: Dismiss RFID ‘Mark of the Beast’ Lawsuit November 16, 2008
      Source: Wired.com The Bush administration on Thursday urged a federal judge to dismiss a lawsuit brought by a group of Amish farmers in Michigan claiming RFID chips required on cattle “are a mark of the beast.” The Amish farmers claim (.pdf) Michigan regulations requiring them to use radio frequency identification devices on their cattle “constitutes some form [...] Related posts:ACLU ISSUES ALARM ABOUT MIDDLETOWN PLAN TO ELECTRONICALLY MONITOR SCHOOL CHILDRENMust Read: Secret Bush Administration Plan to Suspend US ConstitutionBush Signs Spy Bill, ACLU Sues
    • World asked to help craft online charter for religious harmony November 16, 2008
      We are already well on the way towards a Global One World Government, courtesy of a fabricated financial crisis.  Likewise, we are also on our way towards a global, One World Religion.  Sound familiar? Source: breitbart.com A website launched Friday with the backing of technology industry and Hollywood elite urges people worldwide to help craft a [...] No related posts.
    • Barack Obama is warned to beware of a ‘huge threat’ from al-Qaeda November 16, 2008
      False Flag in the making… Source: Times Online Barack Obama is being given ominous advice from leaders on both sides of the Atlantic to brace himself for an early assault from terrorists. General Michael Hayden, director of the CIA, this week acknowledged that there were dangers during a presidential transition when new officials were coming in and getting [...] Related posts:Plot to kill Barack Obama uncoveredObama Loss ‘Will Spark the Second American Civil War. Blood Will Run in the Streets’Lieberman Praises McCain, Knocks Obama
    • German intelligence scrubs European records after Wikileaks exposure November 16, 2008
      Source: Wikileaks Between Friday night and Sunday morning, a massive deletion operation took place at the European Internet address register (RIPE) to scrub references to a cover used by Germany’s premier spy agency, the Bundesnachrichtendienst, or BND. The cleanup operation comes the night after Wikileaks’ revealed over two dozen covert BND networks provided by T-Systems (Deutsche Telekom). [...] Related posts:U.S. policymakers mull creation of domestic intelligence agencyCIA Foreign Intelligence Service threat assessment for Florida 2005Some interesting new disclosures at Wikileaks
    • Homeland Security to regulate popular fertilizer November 14, 2008
      Source:  Grand Forks Herald Buying ammonium nitrate, a common fertilizer that also could be used to make bombs, would get tougher under a rule proposed by the Department of Homeland Security. The rule would require sellers and buyers of the fertilizer to register with the department, which would then check their names against the FBI’s terrorist watch [...] Related posts:Homeland Security to direct cybersecurity initiativeHomeland Security Department Testing “Pre-Crime” DetectorProject Shield: Homeland Security Program Riddled With Problems
    • Blackwater To Be Fined For Illegal Weapons Shipments to Iraq November 13, 2008
      Source: MotherJones Blog Blackwater Worldwide is facing a “multimillion-dollar” fine from the State Department for allegedly shipping illegal weapons to its contractors in Iraq, McClatchy reports. The fine could be levied in the next few days. State officials charge that Blackwater, which holds a lucrative personnel-protection contract for US diplomats in Iraq, hid the arms [...] Related posts:Blackwater: 13 firms want pirate protectionBlackwater lays off workers on vehicle projectBlackwater: We’ll Fight Somalia’s Pirates