New home sales jump

Discussion in 'Current Events' started by Chris, Aug 26, 2009.

  1. Chris
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    Chris Gold Member

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    NEW YORK (CNNMoney.com) -- Sales of newly constructed homes leaped unexpectedly in July to hit their highest level since last September.

    New homes sold at an annualized rate of 433,000 during the month, according to a joint report issued by the Census Bureau and Department of Housing and Urban Development.

    That far exceeded analysts' forecasts and was up 9.6% from the revised 395,000 rate recorded in June. A consensus of industry experts surveyed by Briefing.com had predicted July sales of 390,000.

    The news followed other positive housing market reports earlier this month, including a spike in existing home sales, home prices and affordability.

    "There are many economic conditions that led to the surge," said Bob Walters, chief economist for Quicken Loans. "But certainly low mortgage rates, huge price reductions on the high inventory of new builds, and the first-time homebuyer tax credit have been instrumental in getting consumers to take the plunge into the real estate pool of opportunity."

    Plus, the psychology of the market is changing, according to Peter Morici, an economics professor at the University of Maryland. "The notion that prices will drift down forever is gone," he said. "Now people are thinking the window of opportunity will not be open forever."

    July new home sales blast past expectations - Aug. 26, 2009
     
  2. Truthmatters
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    Things are starting to come back.

    Jobs are always the last thing to come in a recovery
     
  3. Truthmatters
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    Truthmatters BANNED

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    There is that wierd glitch agian where if I post in a thread it gets marked old
     
  4. Oldandtired
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    Oldandtired BANNED

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    Interest rates are very low.

    Show me a jump in GDP and then I would say thigs are looking up.

    I could increase sales of many products by knocking down a perfectly good structure and rebuilding it....but growth would still be unchanged.

    A stimulus does not cause a recovery....at best, it eases the pain of a recession. That was the whole argument over a trillion dollar stimulus....If they really wanted to ease the pain, simply lower taxes and increase unemployment benefits.

    But to spend a trillion dollars on pet projects does not create growth....never did and never will.
     
  5. Gudrid
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    Gudrid Bilderbergs' Catcher

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    Yes, only idiots would think that investment can lead to profit and economic growth.


    The housing thing is a cautiously positive sign. I'm waiting to see how unemployment figures play out before I get my hopes up.
     
  6. Oldandtired
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    Oldandtired BANNED

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    Investment?

    Wow....what do you consider investment?

    Never mind....Your response surporised me as it was such a naive response....but I forgot...this is US Message Board......

    My mistake.
     
  7. WillowTree
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    WillowTree Diamond Member

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    probably the same stupid people who bought homes before and could not pay for them.. they ain't done yet. :lol::lol::lol:
     
  8. Gudrid
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    Gudrid Bilderbergs' Catcher

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    Lol. Yes, it's all about me being naive.

    define:investment - Google Search

    Hope that clears up any confusion. ;)

    Disagreeing with how stimulus money was invested or whether it was the government's place to do so is a different thing from pretending it wasn't an investment.
     
  9. Oldandtired
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    Oldandtired BANNED

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    You mean those victims that lied on their mortagge applications about their incomes knowing they were NINJA loans and wont be checked out? You kow the ones...the ones that took the lower teaser rates knowing dam well the rates may go up but didnt care at the time as all they cared about was the low rate they got....you know...the ones that siad "he told me to lie...and he told me not to read the terms....you know...the ones that Obama called victims?

    Those people?
     
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  10. Oldandtired
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    Fixing roads is not investment..it is MAINTENANCE.

    Giving people 250 bucks is not investment...it is MAINTENANCE...allowing them to buy the things they would normally buy if employed.

    SO I ask again...what in the stimulus is investment?

    What will increase the GDP?

    I know....wikipedia cant answer that kind of question.......so maybe you should simply use some knowldge?
     

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