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Home Sales Dissapoint
Posted On Tuesday, June 23, 2009 at at 3:45 PM by Finance Fanatic
Although it was the second consecutive month existing home sales increased, today's number report for May was slightly lower than many analysts expected. A rise of 4.77M existing home sales was reported for May, following April's revised 4.66M increase. However, due to us being in summer months as well as the very large amount of foreclosed inventory that is currently on the market, analysts expected better.
Considering the sluggish move in homes sales, to me, shows that there are still many elements weighing heavily on this economy and the consumer. There has not been a better time to buy a house, when you consider the benefits. The Federal Government gives thousands of dollars worth of incentives (and maybe more here soon), in which many states match with their own incentives. In addition to that, interest rates are at a near historic low and most of the inventory you have to choose from are bank owned houses that are being offered at very discounted, affordable prices. Even with all of this, consumers are just not confident enough in this environment to buy and many don't have the extra income.
Investors did not take the news lightly, as the markets remained down for most of the day. Existing home sales has been a strong, reliable benchmark in times past to help determine when the economy may be rebounding. However, thus far, the housing market department has yet to provide such information, which is beginning to worry many investors. Many will also look to tomorrow as The Fed will report on their meeting and announce the future of interest rates. There has definitely been a strong shift, recently, in consumer sentiment.
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