SINKING FOUNDATION: Housing market sees most severe drop in nearly 2 decades
The six-month decline marks perhaps the fastest drop off since 2005, according to Seeking Alpha.
The average seasonally adjusted rate of home sales over the past decade hovered around 5.35 million, but the current level is at around 4.81 million, down from 6.50 million in half a year. Only the first year of the pandemic shows a more severe decline in home sales. A For Sale sign is posted in front of a property in Monterey Park, California on August 16, 2022. - The US housing market is declining amid higher interest rates with fewer starts and more cancelled deals.
The previous non-pandemic rate to hit a similar cliff dive occurred in 2005 after the housing bubble peaked. The following decline occurred over nine months from 2006 into 2007 and rolled into the housing crisis of 2008. And the Conference Board posted an annual rate of change in its Leading Economic Index of 0%. Seeking Alpha noted that should the rate enter negative territory, it would be the 13th time since 1960, and 66% of those previous instances preceded a recession.
Brasil Últimas Notícias, Brasil Manchetes
Similar News:Você também pode ler notícias semelhantes a esta que coletamos de outras fontes de notícias.
Bed Bath & Beyond woes continue after influential investor exitsBed Bath & Beyond reported a 25% drop-off in sales in its most recent quarter, which followed a 22% sales decline the previous quarter.
Consulte Mais informação »
Bed Bath & Beyond woes continue after influential investor exitsBed Bath & Beyond reported a 25% drop-off in sales in its most recent quarter, which followed a 22% sales decline the previous quarter.
Consulte Mais informação »
US home sales fell in July; some buyers see silver liningThe housing market’s comedown from its high-flying days early this year is deepening, with home sales in July falling for the sixth straight month.
Consulte Mais informação »
Existing home sales plunge 5.9% in July to lowest level in 2 yearsSales of previously owned homes plunged in July for the sixth consecutive month as rising borrowing costs and higher housing prices pushed prospective buyers out of the market.
Consulte Mais informação »
This Major Dessert Chain Is Closing 10 Locations Amid Declining Profits — Eat This Not ThatAfter reporting shrinking second-quarter sales, a beloved donut chain announced that it will be shutting down 10 stores.
Consulte Mais informação »
Ford Mustang: A Brief History in Zero-to-60-MPH AccelerationFrom 12.2 to 3.5 seconds, we've tested more than five decades of Mustang acceleration numbers.
Consulte Mais informação »