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Housing Bubble 2017: Existing Home Sales Tumble As NAR Warns Prices Becoming Increasingly Unaffordable

Livinglies's Weblog

http://www.zerohedge.com/news/2017-03-22/existing-home-sales-tumble-nar-warns-prices-becoming-increasingly-unaffordable

After starting the year at the fastest pace in almost a decade, existing-home sales slid in February some 3.7%, below the 2.0% drop expected, as 5.48 million existing houses were sold last month which was marked by a paradoxe: on one hand, NAR reported that the median existing-home price in February was $228,400, up 7.7% from February 2016 and was the fastest increase since last January (8.1 percent). On the other hand, as the NAR itself admits, affordability has collapsed which together with too little inventory of homes for sale, meant that buyers and sellers were unable to meet in the middle, leading to the 3rd worst month in the past 6 years, the lowest since September 2016.

As Lawrence Yun, NAR chief economist, said, closings retreated in February as too few properties for sale and weakening affordability conditions stifled buyers in most of the country. “Realtors are…

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