{"id":386700,"date":"2018-11-27T03:14:22","date_gmt":"2018-11-27T02:14:22","guid":{"rendered":"http:\/\/rinf.com\/alt-news\/newswire\/existing-home-sales-post-their-biggest-decline-in-4-years\/"},"modified":"2018-11-27T03:14:22","modified_gmt":"2018-11-27T02:14:22","slug":"existing-home-sales-post-their-biggest-decline-in-4-years","status":"publish","type":"post","link":"http:\/\/rinf.com\/alt-news\/newswire\/existing-home-sales-post-their-biggest-decline-in-4-years\/","title":{"rendered":"Existing Home Sales Post Their Biggest Decline In 4 Years"},"content":{"rendered":"<div>\n<p>      <!-- START CONTENT --><\/p>\n<p><strong>Michael Snyder<\/strong><br \/><a href=\"http:\/\/endoftheamericandream.com\/archives\/the-next-u-s-housing-crisis-has-arrived-existing-home-sales-post-their-biggest-decline-in-4-years\">End Of The American Dream<\/a><br \/>November 22, 2018<\/p>\n<p><strong>Things just continue to get even worse for the U.S. housing industry.\u00a0 <\/strong><\/p>\n<p>New homes sales have been absolutely plummeting, homebuilder stocks have lost over a third of their value, and existing home sales just posted their biggest decline since 2014.\u00a0 For years, we had been witnessing a real estate boom in the United States, but now that has officially ended.\u00a0 It is starting to feel like 2008 all over again, and many of those that work in the industry are really starting to freak out.\u00a0 The Federal Reserve has been aggressively raising interest rates, and it is having the exact same effect on the housing industry that it did just before the last recession.<\/p>\n<p>It wasn\u2019t supposed to be this way.\u00a0 A supposedly \u201cbooming\u201d economy was supposed to lead to a surge in demand for housing, but instead sales of existing homes <a title=\"had an absolutely terrible month in October\" href=\"https:\/\/www.msn.com\/en-us\/news\/other\/home-sales-suffer-largest-annual-drop-in-four-years\/ar-BBPXJoX\" target=\"_blank\" rel=\"noopener noreferrer\">had an absolutely terrible month in October<\/a>\u2026<\/p>\n<blockquote>\n<p>Sales of previously owned U.S. homes posted their largest annual decline since 2014 in October, as the housing market continues to sputter due to higher mortgage rates that are reducing home affordability.<\/p>\n<\/blockquote>\n<p>And this certainly was not an anomaly.\u00a0 Existing home sales have been down on a yearly basis for quite some time, and it doesn\u2019t appear that things will turn around any time soon.<\/p>\n<p>Just look at what is happening in California.\u00a0 Not too long ago prices were soaring, but now a luxury estate has just sold <a title=\"for more than 50 percent off\" href=\"https:\/\/www.wsj.com\/articles\/the-extravagant-estate-in-california-that-sold-for-over-50-off-1542735073\" target=\"_blank\" rel=\"noopener noreferrer\">for more than 50 percent off<\/a>.<\/p>\n<p>That would have been unthinkable just a few months ago.<\/p>\n<p>Meanwhile, sales of new homes have been depressingly low as well.\u00a0 As a result, homebuilders have been implementing extreme measures in order to get sales.\u00a0 The following comes from <a title=\"Bloomberg\" href=\"https:\/\/www.bloombergquint.com\/global-economics\/free-vacations-100-000-discounts-homebuilders-get-desperate#gs.rPtrs_E\" target=\"_blank\" rel=\"noopener noreferrer\">Bloomberg<\/a>\u2026<\/p>\n<blockquote>\n<p>Ram Konara, a real estate broker in suburban Dallas, is raking in freebies this year: trips to Lake Tahoe and Santa Barbara in California, Cabo San Lucas in Mexico, and a dude ranch in&#8230;<\/p>\n<\/blockquote>\n<\/div>\n<p><a href=\"https:\/\/www.prisonplanet.com\/the-next-u-s-housing-crisis-has-arrived-existing-home-sales-post-their-biggest-decline-in-4-years.html\">Read more<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Michael SnyderEnd Of The American DreamNovember 22, 2018 Things just continue to get even worse for the U.S. housing industry.\u00a0 New homes sales have been absolutely plummeting, homebuilder stocks have lost over a third of their value, and existing home sales just posted their biggest decline since 2014.\u00a0 For years, we had been witnessing a [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[519],"tags":[],"class_list":{"0":"post-386700","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-newswire"},"_links":{"self":[{"href":"http:\/\/rinf.com\/alt-news\/wp-json\/wp\/v2\/posts\/386700","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/rinf.com\/alt-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/rinf.com\/alt-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/rinf.com\/alt-news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/rinf.com\/alt-news\/wp-json\/wp\/v2\/comments?post=386700"}],"version-history":[{"count":0,"href":"http:\/\/rinf.com\/alt-news\/wp-json\/wp\/v2\/posts\/386700\/revisions"}],"wp:attachment":[{"href":"http:\/\/rinf.com\/alt-news\/wp-json\/wp\/v2\/media?parent=386700"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/rinf.com\/alt-news\/wp-json\/wp\/v2\/categories?post=386700"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/rinf.com\/alt-news\/wp-json\/wp\/v2\/tags?post=386700"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}