For sale: 4.58 million homes

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News item from the LATimes: ‘The supply of unsold U.S. homes ballooned to an 18-year high in August as demand for existing homes fell to a five-year low, according to a report by the National Assn. of Realtors. The Washington-based trade group blamed the onset of the global credit crisis last month for the drop in sales.

‘The unusual disruptions in the mortgage market resulted in a fairly high number of postponed or canceled sales,’ said Lawrence Yun, the group’s chief economist.

NAR President Pat V. Combs: “The abundant choice of homes is permitting buyers to better negotiate price and terms. There are good opportunities in the market now, especially for first-time buyers.”

The total inventory of unsold existing homes -- 4.58 million -- represents a 10-month supply at existing sales rates, and does not include unsold new homes.

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Photo Credit: Reuters