Rental Property Insurance KY
Rental Property Insurance
Sales of existing homes fell in 38 states during the summer, led by steep declines in Nevada, Arizona, Florida and California, as the once-booming housing market showed further signs of a steep slowdown.
The National Association of Realtors reported that sales dipped to a seasonally adjusted annual rate of 6.27 million units nationwide, down by 12.7 percent from the same period a year ago.
The declines were the largest in once-booming areas of the country. Sales fell by 38 percent in Nevada, 36 percent in Arizona; 34.2 percent in Florida and 28.6 percent in California.
In all, nine states had sales declines in the summer of 20 percent or more compared to the third quarter of 2005.
The weakness in sales also affected prices with 45 metropolitan areas experiencing price declines, according to a separate survey the Realtors did of 148 metropolitan areas.
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If buyers take heart from the decline in mortgage rates and step up to buy, the backlog of unsold homes could shrink quickly — especially with the production of new homes having abruptly fallen. That would put the market back on sound footing within a few months. On the other hand, if potential customers decide that an investment in housing is “dead money” because home prices are going to flatten or decline for an extended period, then no jiggering of interest rates is going to encourage them to part with their down payments…..Mortgage Rates
Rental Property Insurance Kentucky
