More Unsold Homes

By Tommy Leung on 05/23/2008 in Politics

This should not come as much of a surprise but sales of existing homes fell 1 percent in April. This marks 8 drops in the past 9 months. The median price of homes also fell 8 percent to $202,300. There is some optimism in the article as the chief economist for the Realtors, Lawrence Yun, would like to “encourage buyers who were disappointed by poor mortgage options to take another look at the market because the lending changes are significant.”

The apparent strategy that supports Yun’s optimism is that the industry will create more “creative” financing so that people who still cannot afford homes will be able to buy them. That sounds awfully familiar.

By Tommy Leung