According to an article in the Dallas Morning News, sales of pre-owned homes in the Dallas-Fort Worth area dropped 33 percent in November as consumers held back due to worries about job losses , debt and the general instability of the economy. Only 4,146 pre-owned homes were sold in November, the lowest monthly sales total in five years. Sales of condominiums were even worse with sales dropping 44 percent in November. Currently it is taking an average of 80 days to sale a home in the Dallas- Fort Worth area.
The sad fact is that many consumers are saddled with so much debt and fear of losing their jobs, many are very cautious about taking the plunge of homeownership. A lot of the previous boom in housing was fueled by homeowners “trading up” for newer homes; but many of those homeowners are now barely paying their debts and staving off foreclosure themselves.
The biggest worry is that many of these homes sitting on the market for 80 days or more will end up in foreclosure. Most people who don’t need to sell their home are waiting out the crisis. But many of those trying to sell homes now are doing it because they can’t afford the debt and need to sell their home. Many homeowners are nearly drowning in debt, experiencing a job loss or trying to avoid foreclosure . Unfortunately, these numbers will most likely get worst.