Sales of Existing Homes at Lowest Levels Since l997

Last month, sales of existing homes sank unexpectedly to the lowest level in nearly 12 years. Potential buyers are worried about their jobs and were awaiting details of President Barack Obama's plans to stabilize the housing market. Sales fell 5.3 percent to an annual rate of 4.49 million last month, from 4.74 million in December. The National Association of Realtors said it was the weakest showing since l997.

I know there are an awful lot of "For Sale" signs in yards in our little town of about 3,000, so what must it be like in the bigger cities. There are a number of new houses that those people would like to buy if they could sell their existing home.

Existing Home Sales Rise

Sales of previously owned homes nudged up in November but that didn't improve the broader picture of a feeble housing market racked by record high foreclosures and tight credit. Sales of existing single family homes, condominiums and townhouses rose in November from October, to a seasonally adjusted annual rate of 5 million units. The pace was still the second lowest since l999. The lowest pace of $4.98 million was registered in October.