Home sales continue to slip
April 22nd, 2008, 12:06 pm · Post a Comment · posted by mistywilliams
Nationwide, sales of existing homes fell 2 percent last month, as buyers continued to wait for more price drops and borrowers found themselves shut out of the mortgage market.
The seasonally adjusted annual rate of 4.93 million sales reported in March is also 19.3 percent below a year ago, according to a report from the National Association of Realtors.
“It appears there is some over-reaction on the part of some lenders now in requiring higher downpayment percentages than may be necessary,” association President Richard Gaylord said in a statement.
Despite Arizona buyers facing the same hurdles, sales of existing Valley homes rose in March, bucking the national trend.
A total of 4,335 sales were recorded last month, up 15.6 percent from February but down 19.5 percent from a year ago, according to Arizona State University’s Realty Studies department.
