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Old 08-25-2010, 09:23 AM
Franc Tireur Franc Tireur is offline
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New home sales drop 12.4% to record low

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New home sales unexpectedly fell in July to the lowest level on record as the housing market continued to suffer from the end of the homebuyer tax credit boost.

New home sales dropped 12.4% to a seasonally adjusted annual rate of 276,000 last month, down from a downwardly revised 315,000 in June, the Commerce Department reported Wednesday. Sales year-over-year fell 32.4%.

Commerce started tracking new home sales in 1963.

Sales were forecast to tick higher to an annual rate of 334,000 in July, according to a consensus estimate of economists surveyed by Briefing.com.

"The report shows the housing industry is still nursing a bad hangover," said Mitchell Hochberg of Madden Real Estate Ventures in New York. "With shadow inventory, rising foreclosures, little job growth and more stringent access to credit, weak sales will persist and the industry's headache will linger."

Home sales had soared in March and April as homebuyers rushed to sign contracts ahead of the April 30 deadline for the $8,000 tax credit. But sales plummeted in May, the first month after the incentive expired, to an annual rate of 281,000. The pace only improved modestly in June.

On Tuesday, a real estate industry report showed that existing home sales sank 27.2% in July, twice as much as analysts expected, to a seasonally adjusted annual rate of 3.83 million units. The pace of sales of single family homes, which account for a bulk of the transactions, fell to the lowest level since May 1995.

A rebound in the housing market is considered a key element of the overall economic recovery, but that may be far off.

"We won't see sustainable increases in home sales until we can get the labor market on more solid footing, with consistent gains in employment and income," said Wells Fargo economist Anika Khan, who expects unemployment to peak early next year.
http://money.cnn.com/2010/08/25/real...ales/index.htm

It seems like we are in the "Hindenburg Omen" pattern, and it's going to hurt everyone hard unfortunately
 
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Old 08-26-2010, 08:54 AM
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~kev~ ~kev~ is offline
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Back in February and March we talked about this very point. When everyone got their income tax returns back, there was a prediction that home sales would take a nose dive.

Most people simply do not have the money to buy a home. Instead of having to save up 10,000, or 20,000 for a down payment, most people are renting.

The American dream of owning your own hom,e is slipping from the grasp of most people.
 
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Old 08-26-2010, 10:40 AM
Franc Tireur Franc Tireur is offline
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Originally Posted by ~kev~ View Post
Back in February and March we talked about this very point. When everyone got their income tax returns back, there was a prediction that home sales would take a nose dive.

Most people simply do not have the money to buy a home. Instead of having to save up 10,000, or 20,000 for a down payment, most people are renting.

The American dream of owning your own hom,e is slipping from the grasp of most people.
I agree with you Kev, even 1/3 of home owners going in foreclosure are able to pay their mortgage payment but they are walking away because the house market sink very deep. Landlords are even cutting their renting prices drastically.

On the other hand, commercial mortgages are defaulting and small banks are going bankrupt.

I believe many people will stay away from buying, because the market is unstable.
 
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Old 09-02-2010, 01:26 AM
MarjorieC MarjorieC is offline
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Because of the economic recession we are dealing with realtors can't afford to lose or missed any calls on their office for these calls might come from a potential client which they badly needed.
 
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