Some Weather We're Having? How does it effect The Market?http://www.abitaos.com/blogs/weather/atom.aspxCommunity Server2007-05-03T10:32:00ZWhat's the Forecast?http://www.abitaos.com/blogs/weather/archive/2007/05/03/what-s-the-forecast.aspx2007-05-03T17:32:00Z2007-05-03T17:32:00Z<div id="navigation">Today's world economy seems to be effected by any number of events that may happen. At this point, most people are used to things like war, terrorism, budget deficits, stock market fluctuations and so on. Many people don't think about the weather. The weather can play a big part in the economy, more specificly, the housing market. Below, I have copied an article I found on the National Realtors Association website ( <a href="http://www.realtor.org/">www.realtor.org</a>). Weather can be a big player too.</div><div><br />Home > Press Room > News Releases <br />For more information, contact: <br />Walt Molony, 202/383-1177, <a href="mailto:wmolony@realtors.org">wmolony@realtors.org</a> <br /> <br />Weather Hits March Existing-Home Sales After Three Monthly Gains <br />WASHINGTON, April 24, 2007 - Unusually bad winter weather in February curtailed home shopping, slowing sales that closed in March, which may have been dampened further by a decrease in subprime lending volume, according to the National Association of Realtors®.</div><div></div><div>After rising for three consecutive months, total existing-home sales – including single-family, townhomes,condominiums and co-ops – fell 8.4 percent to a seasonally adjusted annual rate1 of 6.12 million units in March from a pace of 6.68 million in February, and are 11.3 percent below the 6.90 million-unit level in March 2006. </div><div></div><div>David Lereah, NAR’s chief economist, expected the drop. “For the last couple months we’ve been expecting a weather ‘hit’ on home sales finalized in March, but looking at overall activity in the first quarter we see that existing home sales averaged 6.41 million – a figure that is moderately higher than the sales pace during the second half of 2006,” he said. “We also may be seeing some losses as a result of the subprime fallout. However, this is masking improved fundamentals in the housing market, with lower mortgage interest rates and motivated sellers. </div><div></div><div>“It’s too early to measure a significant impact from tighter lending standards, which should moderately dampen activity, but we’re still looking for existing-home sales to gradually improve during the last half of 2007,” Lereah said. <br /> <br /> </div><img src="http://www.abitaos.com/aggbug.aspx?PostID=87287" width="1" height="1">270719http://www.abitaos.com/members/270719.aspx