Sales of existing single-family homes flattened out in August after a five-month decline, but prices fell for the first time since 1994 and further price declines are expected for the rest of the year.The National Association of Realtors reported that August resales of single-family homes were unchanged from those in July at a seasonally adjusted annual rate of 6.28 million -- down 12.3% from that of August 2005. The median single-family home price fell 1.7% last month from that of year ago. The biggest decline ever recorded by the NAR was 2.1% in November 1990, when the economy was in recession and mortgage rates stood at 10%. NAR chief economist David Lereah stressed that a price correction is necessary to stabilize the housing market, and he said he believes the decline in sales has bottomed out. "I suspect that if prices continue to come down, sales will stay flat and modestly increase," Mr. Lereah told reporters. Meanwhile, sales of condominiums and cooperatives fell 3.5% in August from the level recorded in July and prices were down 2.4% from those of a year earlier. Overall, resales of single-family homes, condos, and co-ops fell 0.5% from a seasonally adjusted annual rate of 6.33 million in July to 6.30 million in August. The NAR can be found online at http://www.realtor.org.
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A federal judge in Texas dismissed the Consumer Financial Protection Bureau's medical debt rule and prohibited states from passing their own laws prohibiting medical debt on credit reports.
July 11 -
Dr. Mark Calabria takes on the additional role of chief statistician of the United States; retired Ally Bank executive Diane Morais has joined First Citizens Bancshares' board of directors; MainStreet Bank has promoted Alex Vari to chief financial officer; and more in this week's banking news roundup.
July 11 -
While refinances are behind the latest increases, the pace of purchase activity may be a stronger indicator of where the housing market sits.
July 11 -
The share of economists expecting a September rate reduction grew in the July Wolters Kluwer survey, but the October or later percentage also increased.
July 11 -
Rising home prices and softening sales offer a mixed view of a market that some say is shifting to favor buyers.
July 11 -
The notes are backed by home improvement installment loans originated by approved dealers in Foundation Finance Company's network.
July 11