Wednesday, May 27, 2009

U.S. Home Sales Remain Sluggish as Supply Soars

This isn't good:

U.S. Home Sales Rise, but Supply Soars -
A glut of unsold homes continued to grow last month, fed by a new wave of foreclosures, even though sales of existing homes rose, a national real estate trade association said Wednesday.

The National Association of Realtors reported that the inventory of unsold houses, townhouses and condominiums rose to 3.97 million in April, the highest level since November. At the current rate of sales, it would take 10.2 months to exhaust those unsold properties.

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