Real Estate

May Home Sales Down

Tue Jun 22, 2010 6:22 am
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CNBC has just reported that May 2010 Home sales (Closings) are down 2.2%. April 2010 Home Sales (Closings) were up about 8 % year over year. CNBC contributor Bob Pisani stated he was surprised to see the poor home sales for May 2010. The numbers for April were a direct result of the now expired "Home Buyer Tax Credit".

 There should be no surprise that Home Sales (Closings) numbers are down! The major contributing factor is Jobs, Jobs Jobs! People cannot qualify for a mortgage without a job. Credit worthy borrowers are few and far between. Buyers are short of cash and heavy on debt. The two do not work well in seeking to buy a home.

Meredith Whitney's comments regarding the expected "Double Dip Recession" in Housing certainly appear to be prescient to this writer. 

Do not expect any immediate improvement in Real Estate in the United States. A high percentage of Current Real Estate contracts "pending" have a substanial probablity of not closing by June 30th and may not close at all due to slow mortgage processing and credit issues for the home buyers.

Buyers should look carefully for a home. There are good bargains to be sure. The challenge is to find the right home at the right price in the right market. Buying with the "Head" and not the "Heart" controlling the final outcome is essential!

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