From Deseret News archives:

Foreclosures power a homebuying spree in West

Published: Saturday, Oct. 25, 2008 12:55 a.m. MDT
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For one, they note the easy comparison to September 2007's sales, which were dismal in the wake of the credit crunch that started just months before, drying up lending for all but traditional conforming loans at $417,000 or below.

In California alone, that caused some 30 percent of real-estate contracts to fall through, according to the National Association of Realtors.

As the financial crisis has spread and deepened in recent weeks, it has also cast doubt on a budding housing recovery.

"We're headed toward a very serious recession, maybe one of the worst ones since at least the '80s, and when people lose their jobs, when there isn't job growth, people don't move around, so homes don't sell as much," said Patrick Newport economist at IHS Global Insight. "These numbers are for September, so they don't reflect what happened in October, when the market really started to freeze up."


E-mail: jlee@desnews.com

Recent comments

Next message. Even the always positive realtors think it was more of...

Yawn | Oct. 25, 2008 at 8:04 p.m.

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May be time to buy | Oct. 25, 2008 at 5:58 p.m.

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Image
Kiichiro Sato, Associated Press

A handwritten sale sign for a home and a rental housing sign are posted next to a gas station Friday in Columbus, Ohio.

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