More than one-third of real estate agents report market deterioration in November
Real estate agents report home sales slowed in October and analysts blame it on the foreclosure moratoria that decreased inventory. Barclays Capital's second monthly survey of the top 100 agents by sales transactions showed the moratorium lenders imposed earlier this year appears "to have significantly reduced inventory in the markets of 41% of respondents, while sales were significantly reduced for 29%" of respondents in October. Half of respondents said inventory was down or down significantly in October from September, when just 18% indicated inventory was lower, according to analysts. A mere 15% of agents surveyed expect November to be better than last month, which is down from more than one-third of respondents to the first survey that were optimistic heading into last month. Barclays Capital analysts attributed the decline somewhat "to seasonality and partially due to a lower REO transaction pace." Analysts also said more real estate agents now expect a deterioration in the market next month than previously, with 35% projecting a decline vs. 24% last month. Write to Jason Philyaw.