There Goes The Housing Market, Home Sales Experience Worst Drop In 18 Years

Whoops. That subprime thing isn’t going away. From CNN Money:

Sales of existing homes fell 8.4 percent to an annual rate of 6.12 million in March from February’s 6.68 million rate, the National Association of Realtors said. It was the biggest one-month drop since January 1989.

Aw, nuts. Good thing we rent. How about you? If CNN is right, you’re waiting it out.

“Even if they’re not trying to sell their house or getting hammered with problems with a subprime mortgage, consumers can’t ignore the headlines.”

Neuhart pointed out that the Conference Board’s question asking if consumers intend to buy a home in the next six months, found only 2.7 saying they are looking to buy in the April survey, which is down more than 20 percent from the 3.4 percent who were looking to buy only two months earlier.

“It’s a market a lot of consumers are frightened to enter,” he said.

Are they right? Are you all freaked out? —MEGHANN MARCO

Home sales: Worst drop in 18 years [CNN Money]
(Photo: A Fighting Faith)