Low Home Sales Reported

MSNBC Confirms June 17th Blog Post:

As I wrote on June 17, 2010, I believe home sales are headed even lower than they already are.  As I watched the nightly news on NBC with Brian Williams, it was reported that new home sales in May hit a record low.  In fact, new homes sales in May 2010 were down 33%.  This can be attributed to the lack of potential buyers possibly due to the end of the government tax credit.  It could also be due to the fact that the ecomony is poor right now.  We have high unemployment and on the flup side, slow job growth. 

As the inventory of homes in the Twin Cities remains relatively stable, the demand for homes is down.  This will most certainly cause the prices to plumet even more.  As more and more people find themselves in a predeicament with mortgage payments and either reductions in pay or job loss all together, short sales and eventually REO/Foreclosure homes will lead the charge of what sales there are.

If you'd like to discuss your options, please don't hesitate to contact us at the Twin Cities Short Sale Realtor.