Housing Slump Nationally, Locally

Some real estate companies in Greenville say the real estate market there is following the national trend showing new home sales sunk to the slowest pace on record in July, while the sale of existing U.S. homes experienced the biggest one month drop ever.

Brokers at Arlington Properties say they used to close on at least five homes a month in 2007. They say that number is down to one or two homes a month.

Brokers say people interested in building new homes are renting properties until their old houses sell, which they say is one of the many reasons contributing to slow new home sales. They say existing houses used to sell after three to six months, and say now most homes are on the market for a year.

Arlington Properties brokers say they expect the housing market to pick up in the spring, as renters start buying homes.

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