Existing home sales are on pace to hit the weakest level in 13 years, if the first half of this year is any indication. Sales numbers fell again in June by .8%, following a weak Spring, according to the National Association of Realtors. The news has been the same for four out of the past five years. The most recent decline represents the lowest number since November, and is the result in an upswing in cancellations of pending contracts. Last year only 4.91 million homes were sold and we’re behind that pace already. We’re not out of the woods yet.
Right now, the percentage of Americans who own their home is at 65.9%; the lowest rate on record is 62.9% in 1965. In 2004, the high was 69.2%. Families are losing their homes to foreclosure, unemployment and strict mortgage requirements. Home equity values continue to fall.
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