/biz/ - Business & Finance

>Existing-home sales, which fell 1.7% in June, have been slumping year-over-year for 16 consecutive months

>“Prices have dropped in Silicon Valley and sellers just aren’t used to the concept that [prices] can go down,” said Ken DeLeon, founder of DeLeon Realty in Palo Alto, Calif. “There’s just this malaise buyers had of, ‘I feel like it’s gonna drop further.’”

>about 40% of the year’s sales take place in March through June. Falling sales during most of this period have puzzled economists. They struggle to explain why the housing market has remained soft while the rest of the economy has been booming. Borrowing rates have fallen to their lowest levels in two years, wages are rising and unemployment is at a 50-year low.

>“It doesn’t make economic sense,” said Lawrence Yun, the NAR’s chief economist.

www.wsj.com/amp/articles/u-s-existing-home-sales-decreased-1-7-in-june-11563890555

Boomers and (((real estate investors))) beware. Soon your bags will be as worthless as your geriatric erections