Sales of previously occupied homes took the largest monthly drop in more than 40 years last month, sinking more dramatically than expected ...... December's sales fell 16.7 percent to a seasonally adjusted annual rate of 5.45 million, from an unchanged pace of 6.54 million in November, the National Association of Realtors said Monday. Sales had been expected to fall by about 10 percent, according to economists surveyed by Thomson Reuters..... The inventory of unsold homes on the market fell about 7 percent to 3.3 million. That's a 7.2 month supply at the current sales pace, close to a healthy level of about 6 months.
Unfortunately, they do not mention the inventory that is currently being held by as Bank Owned will at some point hit the market and potentially cause the months supply to jump. We know that B of A is already getting ready to release bank owned properties into the Las Vegas market... It is only a matter of time until this happens throughout the country.
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