Well folks, it continues to get worse. As was predicted last year, based on the fact that foreclosures dragged down the market for a long, long time through decreased property values, shadow inventory, and other things, the housing industry shows no signs of getting better any time soon.
The most recent foreboding stat comes to us from the National Association of Realtors (NAR). It states that existing home sales have fallen to a six-month low. This comes in conjunction with the fact that home sales have dropped since last season, and the influx of short sales and foreclosed homes are pushing down home prices as well.
The overall picture looks grim for the remainder of the summer. Here’s what NPR.org had to say today “Sales fell across most regions of the U.S. In May, sales dropped 6.4 percent in the Midwest, 5.1 percent in the South and 2.5 percent in the Northeast. There was no change in the West.”
“No change in the West” may seem like good news, but take a look at this foreclosure map and you’ll see that a little change is exactly what the West needs. But there is good news, readers, we are looking at brighter skies come 2012. More on that soon…