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Re-activateSales of existing homes dropped unexpectedly in January, according to numbers from the National Association of Realtors.
From the NAR news release:
Economists polled by Reuters were expecting home resales to rise to a 4.79 million-unit pace, from the 4.74 million rate initially reported for December.
The real estate group said the drop was most likely cause by buyers waiting to see how the government's bailout plan would affect them.
"Given so much stimulus package discussion in January, some would-be buyers simply sat out for clarity and certainty on the nature of housing stimulus," Lawrence Yun, NAR's chief economist, said. "The housing market will soon get a lift from very favorable buying conditions – not only from improved affordability, but also from the stimulus of an $8,000 first-time home buyer tax credit, and higher conforming loan limits that will allow more people to tap into 50-year low mortgage rates."
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