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Fewer people sign contracts to buy homes in Jan.

Fewer people sign contracts to buy homes in Jan.
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POSTED: Monday, February 28, 2011 - 11:54am

UPDATED: Monday, February 28, 2011 - 5:50pm

Fewer people sign contracts to buy homes in Jan.
WASHINGTON (AP) - Fewer Americans signed contracts to buy homes
in January, the latest evidence that the housing market is
struggling.
The National Association of Realtors says its index of sales
agreements for previously occupied homes fell 2.8 percent last
month to a reading of 89.9.
That's higher than the 75.9 reading from June, the low point
since the housing bust. But it's below 100, which is considered a
healthy level. The last time it reached that point was in April,
the final month people could qualify for a home-buying tax credit.
Sales of previously owned homes fell last year to the lowest
level in 13 years. Economists say it will be years before the
housing market fully recovers. High unemployment and a record
number of foreclosures are deterring potential buyers, who fear
home prices haven't reached the bottom.

(Copyright 2011 by The Associated Press. All Rights Reserved.)
 

Comments News Comments

We've been house hunting for ages, pre-approved and everything, but we haven't found a house worth half the asking price inside of loop 323. And it's not like I'm being picky here, I just want a functional roof, foundation, and walls--**that's it**! And all I've found are exceptionally poorly built 1950s ranches that all need to be torn down. Seriously, what does it take to get a building condemned around here?

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