The latest data on the U.S. housing market — tracking prices and sales before a major financial storm hit the U.S. mortgage market — show continuing declines in both sales and prices.And while prices have begun to fall along with sales, in many markets those prices will have to fall further before the market turns around, say economists, homebuilders and market analysts.
On Monday, the National Association of Realtors reported that sales of existing homes fell to a 5.75 million unit annual rate in July.
Prices, meanwhile, continued slide for the 12th consecutive month that home prices have declined, a record stretch. The median price of a home sold last month slid to $230,200, down by 0.6 percent from the median price a year ago. And that weakness has likely intensified in August after the financial storm that hit the credit markets earlier this month also tightened credit standards for mortgage borrowers.
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