Home Sales Continue to Slide

Yahoo!Finance reports sales of previously occupied homes are at the slowest rate in 14 years, as sales fell in June for the third month in a row, according to the National Association of Realtors (NAR). Economists predict that low home prices and mortgage rates are not enough to attract potential home buyers who are facing tight credit, and may be concerned about job loss in a shaky economy. A healthy economy sees six million home sales each year, but this year is falling behind last year’s rate of 4.91 million, which is the lowest since 1997. First-time home buyers usually account for 50 percent of home sales, but that number has fallen to 31 percent. Approximately 16 percent of sales were canceled last month, four times the number in May, after buyers learned the houses were worth less than their initial bid.

(photo courtesy ap/seth perlman)


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