The longer prospective home buyers continue to hold out, the better things get for them. The National Association of Realtors revealed some gloomy numbers for homeowners: July sales of occupied homes dropped 27 percent, marking the biggest month-to-month decline in the four decades in which the organization has tracked the figures.
The Washington Post reports that sellers in particularly gruesome markets such as Chicago and Las Vegas can expect their homes to be on the market for at least five months before some sucker comes along to take it off their hands.
If you plan on buying a home, how long do you plan on waiting before taking the plunge and watching your net worth decline every month?
Low prices and rates can’t slow fall in home sales [The Washington Post]
Previously: The Era Of “Investing” In Your House Is Over