Homes sale plunge 11.3 %

Discussion in 'Current Events' started by Mr.Fitnah, Dec 23, 2009.

  1. Mr.Fitnah
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    Mr.Fitnah Dreamcrusher

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    Sorry Chris

    US new home sales plummet
    By Alan Rappeport
    Published: December 24 2009 02:00 | Last updated: December 24 2009 02:00
    Sales of new homes in the US plunged unexpectedly in November, official figures showed, as buyers favoured distressed and foreclosed properties.

    New home sales dropped 11.3 per cent to an adjusted annual rate of 355,000, commerce department figures showed. That was the lowest level for seven months and defied expectations of a rise. Compared with a year ago, sales of new homes are down 9 per cent.

    The data show how sales of existing homes, which rose last month, have come at the expense of new homes sales. The figures also showed the impact of expectations that the first-time homebuyer tax credit would expire in November. It has subsequently been extended into next year.

    Alan Rappeport, New York

    US News Headlines - FT.com
     
  2. Chris
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    Chris Gold Member

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    So what?

    November existing homes sales are up 44% over last November.

    Sorry, Fitnah.
     
  3. Mr.Fitnah
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    Mr.Fitnah Dreamcrusher

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    How much are foreclosures up?
     
  4. rdean
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    rdean rddean

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  5. Chris
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    Chris Gold Member

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  6. Chris
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    Chris Gold Member

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    Foreclosures are about the same.

    But unemployment and foreclosures are lagging indicators.

    But you knew that.
     
  7. Mr.Fitnah
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    Mr.Fitnah Dreamcrusher

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    New homes create impotent jobs for illegal aliens , foreclosure properties are hurting the real Americans .
     
  8. Chris
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    Chris Gold Member

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    That's why we need to give courts the power to modify mortgages like they did in the 1930's.
     
  9. Mr.Fitnah
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    Mr.Fitnah Dreamcrusher

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    We will see another wave of foreclosure as these first time home buyers find they have bitten off more than they can chew and the stimulus bubble pops .

    Sure of course the answer is more government control.
     
  10. garyd
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    garyd Senior Member

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    Bogus Chris. If Sales of all homes are only up 7.4% (according to your ally) But New homes are down 11.3% Then either your 44% is wrong or your statement that existing homes are the vast majority of the market is bogus. By the way one of the reasons that the sale of existing homes is up is likely that the banks and mortgage companies are trying desperately to unload foreclosed properties and at cutrate prices.
     

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