![]()
- Greek Cabinet Approves EU, IMF Bailout Bill
- We're Not Greece: Italian Prime Minister Monti
- Private Homebuilders in the US: Dead Men Walking
- Dividend Payout Could Hit Record Amount This Year
- With Investors So Bullish, Stock Pullback Must Be Ahead
- Obama Likely to Call for Cutting Top Corporate Tax Rate
- New York Fashion Week Fall 2012
- NetNet: Why Saving Greece Could Destroy the World
- My Funny Valentine: When Love and the Fed Collide
MOST SHARED
- We're Not Greece: Italian Prime Minister Monti
- Obama Likely to Call for Cutting Top Corporate Tax Rate
- To Play Senate Cybersecurity Bill, Cramer Likes Fortinet Stock
- Greek Cabinet Approves EU, IMF Bailout Bill
- Special Feature: Wall Street History - How Wall Street Got Its Name
- How to Trade the Turmoil in Greece
- Private Homebuilders: Dead Men Walking
- Why Cramer Likes Select Comfort Over Tempur-pedic Stock
- Cramer: 10 Earnings to Watch Next Week
- Lightning Round: Trina Solar, Zoltek, Affymax and More
MOST POPULAR
HOT ON FACEBOOK
Home Sales, Prices Tumbled Further In October
![]() |
AP |
Home prices fell at a record pace and the inventory of homes for sales increased as the housing market felt the pinch of tighter lending standards.
The median existing home price fell 5.1 percent from a year ago to $207,800 and the total housing inventory rose 1.9 percent in October to 4.45 million existing homes for sale, a
10.8 month supply at the current sales pace.
The sales pace was the lowest since the realty trade group began tracking both single-family and condo sales jointly in 1999.
Economists polled by Reuters were expecting home resales to fall to a 5.00 million-unit pace from the 5.04 million-unit rate initially reported for September. The September sales pace
was revised to a 5.03 million unit rate.
Lawrence Yun, the NAR chief economist, blamed the poor home selling market on a continuing credit crunch and failing subprime loans that were offered to borrowers despite their
shaky credit.
"The subprime market has essentially disappeared," he said.








