Existing home sales rise 10%

[Chris]

NEW YORK (Cinnamon) -- Existing home sales climbed for the second month in a row in September, fueling some hope that a housing recovery is underway.

Sales of previously owned homes rose 10% to a seasonally adjusted annual rate of 4.53 million units last month, the National Association of Realtors reported Monday. That was up from a 4.12 million rate in August.

Existing home sales jump in September - Oct. 25, 2010

 

[Avatar4321]

Not exactly a sign of recovery if we are in an inflationary period.

 

[Chris]

We need to be in an inflationary period.

The problem is, we aren't.

 

[Revere]

And along comes the Obama debt commission to kill the mortgage interest deduction...

 

[uscitizen]

I guess 10% above nuthin is good?

 

[Oddball]

While Tuesday's report offered a glimmer of hope for housing, home sales remained 22% below this year's peak in April, and 19% from a year earlier. The housing market peaked thanks to an $8,000 tax credit for first-time buyers, which has since expired.

IOW, sales of existing homes are DOWN 19%, compared to this time last year.

Nice try, spinmeisters.

 

[Chris]

And along comes the Obama debt commission to kill the mortgage interest deduction...

No, along comes the Repubican Party to cut taxes for the rich...

Reagan and the two Bushes are responsible for most of our problems...

ReaganBushDebt.org

 

[Revere]

And along comes the Obama debt commission to kill the mortgage interest deduction...

No, along comes the Repubican Party to cut taxes for the rich...

Reagan and the two Bushes are responsible for most of our problems...

ReaganBushDebt.org

Uh, is that the recommendation of Obama's debt commission?

 

[Oddball]

About 35% of homes sold during the month were in foreclosure, the Realtors said.

Just as I thought...A significant portion of that "increase" was via bargain hunters, scooping up some quick cash deals.

All is quiet...All is well.

 

[Revere]

Yeah, that's not a recovery, that's banks turning inventory on and off like a garden hose.

 

[uscitizen]

You know it is pretty pathetic when we try and spin good news out of the number of forclosed homes being sold.

 

[Chris]

And along comes the Obama debt commission to kill the mortgage interest deduction...

No, along comes the Repubican Party to cut taxes for the rich...

Reagan and the two Bushes are responsible for most of our problems...

ReaganBushDebt.org

Uh, is that the recommendation of Obama's debt commission?

Nice try at deflecting, but Reagan and the two Bushes lowered taxes for the rich and created 93% of the National Debt.

And two thirds of the Debt Commission was appointed by Congress, not the president.

 

[Revere]

Yes, Democrats who control Congress, and Obama, appointed a debt commission that intends to knee-cap the housing industry by blowing away the mortgage deduction.

 

[Oddball]

You know it is pretty pathetic when we try and spin good news out of the number of forclosed homes being sold.

It's not good news when sales are down 19%, when compared to last year.

And lenders dumping their REOs in advance of the next quarter, hardly suffices as a boom in domestic permanent resident buying.

 

[Chris]

Yes, Democrats who control Congress, and Obama, appointed a debt commission that intends to knee-cap the housing industry by blowing away the mortgage deduction.

Repeating a lie does not make it the truth.

Congress appointed two thirds of the commission, Obama only appointed one third.

 

[topspin]

the commision is recommending axing the deduction. Obama better ax that commision. Slightly improving numbers bring the nut job sky is falling crowed off thier sofa faster than discounted Budwieser.

 

[saveliberty]

It is not a housing recovery because:

1. Housing values are not any where near past levels.
2. Many of these purchases are investments, not owner occupied.
3. Interest rates make it attractive to speculate.
4. The foreclosure moritorium in October will slow sales.

 

[topspin]

that's hillarious

 

[saveliberty]

Oh really topspin?

WASHINGTON (AP) -- Home prices are weakening around the country, even in metro areas that were showing strength earlier in the year.

Home price index falls 0.2 pct. in August - Yahoo! Finance

 

[Valerie]

While Tuesday's report offered a glimmer of hope for housing, home sales remained 22% below this year's peak in April, and 19% from a year earlier. The housing market peaked thanks to an $8,000 tax credit for first-time buyers, which has since expired.

IOW, sales of existing homes are DOWN 19%, compared to this time last year.

Nice try, spinmeisters.

Yep, not only that but the number of sales does not take into account decreased sale prices.