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Sunday, September 26, 2010

Home sales on pace to finish year as bad as 2009

For all the talk that 2010 was going to be much better year than 2009 in terms of sales, it looks like it's going to be the same. The tax credit just accerated sales in the first half only to drop off the second half of the year.

About 3.4 million previously occupied homes have been sold in the U.S. through August. Most experts expect roughly 5 million to be sold through the entire year. That would be in line with last year's totals and just above sales for 2008, the worst since 1997.
A few even think sales will fizzle so much this fall that the year will finish worse than 2008, when the country was in the deepest recession since the Great Depression

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