The Wall Street Journal reports:
“Sales of previously occupied homes in the U.S. sank by 9.6% in February and prices fell to the lowest level in nearly nine years, indications that the market remains depressed.
Existing-home sales decreased from a month earlier to a seasonally adjusted annual rate of 4.88 million, the lowest level since November, the National Association of Realtors said Monday.
The results were worse than forecast. Economists surveyed by Dow Jones Newswires had expected home sales to decline by 3.9% to an annual rate of 5.15 million.
The results called into question whether the U.S. housing market is recovering or falling further.”
Geez, we could have told them that. That’s why, in part, C.A.R. published its “open letter” to the lenders urging them to get off the dime and get short sales approved more quickly. Hmmm. I wonder if anyone out there is listening?