October homes sales plunge 45-50 percent!
The recently released National Association of Realtors report for September Existing Homes showed sales rose for the first time since July 2003 as compared to a year earlier. Good news right? Not so fast.
Keep in mind that this report reflects homes that actually closed in September 2008 which means that the homes went under contract in July and August. This was before the massive real estate slowdown which hit when the finacial markets went into turmoil in September.
When the reports come out that reflect our current October 2008 real estate market, the headline will most likely read "Largest drop since the records have been kept!" or "45-50% drop shocks the market". The news media is better than I am in creating sensational headlines but you get…