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A glut of unsold homes continued to grow last month, fed by a new wave of foreclosures, even though sales of existing homes rose, a national real estate trade association said Wednesday.

The National Association of Realtors reported that the inventory of unsold houses, townhouses and condominiums rose to 3.97 million in April, the highest level since November. At the current rate of sales, it would take 10.2 months to exhaust those unsold properties.

“We’ve got all this looming inventory out there, and the likelihood that whatever gains we see in sales are going to be pretty anemic,” said Joshua Shapiro, chief United States economist at MFR. “If you look at the broad middle of the market, price adjustment has a long way to go because of this whole inventory issue.”

Housing experts said more homes would come on the market as the job market deteriorated, threatening previously secure homeowners.

An additional 313,000 homes entered foreclosure in the first two months of 2009, according to First American CoreLogic, a real estate analysis firm. More are expected as one-time delays to foreclosures end, and lenders resume proceedings against delinquent homeowners.

Although home builders are starting few new projects, the supply of houses is still overwhelming the market. The Realtors’ association said inventories grew last month even though sales of previously owned homes picked up as buyers went looking for bargains and lower-priced properties. complete story

Source: NYTimes.com - Jack Healy

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Posted by Orlando Realty Experts on May 31st, 2009 1:20 AMPost a Comment (0)
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