Home Sales Fall in August
The NAR reported that home sales fell in August. Interest rates were lower and prices continued to fall nationwide. However, this should indicate the sales should increase. What needs to be asked is why? Many properties sold are recieving multiple offers, of course only one can be accepted and those who do not get the home continue to look. We are in need of more properties to balance this market
The answer is fairly simple. Inventory levels continued to shrink due to the REO properties not on market. Once the lending institutions place properties on market, the sales should increase.
The article link follows:
http://www.realtor.org/press_room/news_releases/2009/09/ease_four