Existing-home sales dip 1.7%, housing market struggles despite cheaper mortgages

The numbers: .

Sales increased 1.5% in the Northeast and 1.6% in the Midwest. They fell 3.4% in the South and 3.5% in the West.Big picture: New construction has tapered off from last year’s post-recession peak and sales of both new and previously owned homes have also flagged. Falling mortgage rates might help some, but the industry faces long-term problems that aren’t going away. Families are forming at a faster rate, but high prices and a dearth of available homes have stunted what should be notably stronger demand.

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The Fed can’t stop a market meltdown, warns forecaster who called the 2008 housing bust'If we are on a recessionary course, either by the level of debt or the level of overconfidence in the economy, the Fed may not be able to prevent it even with multiple rate cuts,” this forecaster says
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