This document discusses a real estate news and commentary website that provides information on mortgages, foreclosures, and the housing market. It summarizes that home sales fell significantly in December and are well below levels from earlier in the year when a homebuyer tax credit was in place. Inventory levels are also up sharply. The weak housing market is slowing economic recovery as falling home prices reduce household wealth and confidence. It also promotes a program that claims to help homeowners with underwater mortgages build home equity.

1. Very Smart Real Estate News And Commentary
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Hello folks,
This lens will cover Real Estate news which includes mortgages,mortgage
modifications,banks,lenders,foreclosure crisis,,home ownership,unemployment and real estate
investing.
With home sales plunging to their lowest level in 15 years, economists warn that a double-dip in
housing prices is just around the corner, threatening to further slow the recovery. Existing home
sales sank 27.2% in December, twice as much as analysts expected, to a seasonally adjusted
annual rate of 3.83 million units. Two months after the end of the tax credit, sales are 34%
below April’s tax incentive-induced peak. "Home sales were eye-wateringly weak in July," said
economist Paul Dales of Capital Economics. "It is becoming abundantly clear that the housing
market is undermining the already faltering wider economic recovery. With an increasingly
inevitable double-dip in housing prices yet to come, things could get a lot worse."
The sales pace of all homes — single-family homes, town homes, condominiums, and co-ops —
is at the lowest since NAR began tracking the figure in 1999. Sales of single-family homes,
which account for a bulk of the transactions, are at the lowest level since May 1995. Inventory
has also continued to climb, rising 2.5% to 3.98 million existing homes for sale. That represents
a 12.5-month supply at the current sales pace, the highest since October 1982 when it stood at
13.8 months. A six-month of supply is considered normal. The housing market and the broader
economy are closely intertwined. When housing prices collapse, so does the overall wealth and
confidence of Americans. "Falling housing prices strain the overall confidence in the economy
and discourage Americans from spending," Dales said. "They also mean that banks lose money
on their investments and curtail lending, meaning there is less money out there to invest and
boost the economy.
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Source: Squidoohttp://www.refinanceunderwatermortgagehelp.com
is the only program that can help
homeowners with an underwater mortgage build Equity into their property. Check it out today.
Refinance Underwater Mortgage Help Very Smart Real Estate News And Commentary
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