Thread: Realtors to Bernanke: 75 Basis Points, Please

Realtors to Bernanke: 75 Basis Points, Please

WASHINGTON (Reuters) - The pace of existing home sales edged up in November to a 5 million-unit annual rate and the median price fell from a year earlier, the National Association of Realtors said on Monday.
The trade group also urged the U.S. Federal Reserve to slash interest rates by as much as three-quarters of a percentage point in January as a way to embolden home buyers. Most economists expect a quarter-point cut at the central bank's January meeting.

Economists polled by Reuters were expecting home resales to hold steady at October's previously reported rate of a 4.97 million-unit pace. The October sales pace was revised up to a 4.98 million unit rate.

The national median existing home price for November fell 3.3 percent from a year earlier to $210,200.

The inventory of homes for sale fell 3.6 percent to 4.27 million units at the end of November, which represents about 10.3 months' supply at the current sales pace.

Monday's data comes after Friday's Commerce Department report that showed sales of new homes slumped 9 percent in November to the lowest rate in more than 12 years.

http://moneynews.newsmax.com/money/arch ... 105818.cfm

Get ready for a huge drop of the dollar ... lord these people look like they are intentionally forcing the dollar to go down in value

Doesn't the housing market drop make housing more affordable to illegals and real estate investors?

"By definition, an immigrant asks for the privilege of being allowed to live in a country not his or her own. Immigrants have no right to demand change. No more than I have a right to barge into your house and demand you rearrange the furniture, knock out the wall between the kitchen and family room, and paint the parlor walls a different color." Thomas Lifson