November new home sales sink 11 percent

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

  1. uscitizen
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    uscitizen Senior Member

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    November new home sales sink 11 percent


    Dec 23, 10:23 AM (ET)

    By ALAN ZIBEL

    WASHINGTON (AP) - Sales of new homes plunged unexpectedly last month to the lowest level since April, a sign the housing market recovery will be rocky.

    The report reflects a slump in demand following the extension of a deadline for first-time buyers to qualify for a tax credit. The incentive was set to expire at the end of November, but Congress pushed back the date to April 30 and expanded the program to include current homeowners who relocate.

    "Buyer traffic is likely to be flat until spring," predicted Mark Vitner, senior economist with Wells Fargo Securities.

    First-time buyers will still be able to save up to $8,000, and homeowners who have lived in their current properties for at least five years can now claim a tax credit of up to $6,500. To qualify, buyers must ink a deal by the end of April and complete the transaction by the end of June.

    The Commerce Department said Wednesday that November's sales fell 11 percent to a seasonally adjusted annual rate of 355,000 from a downwardly revised 400,000 in October. Economists surveyed by Thomson Reuters had expected a pace of 440,000. Sales were down 9 percent from a year ago.
    My Way News - November new home sales sink 11 percent
     
  2. Truthmatters
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    Truthmatters BANNED

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    its going to be a real fun year
     
  3. PatekPhilippe
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    PatekPhilippe Senior Member

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    Tough to get a loan when your credit is all f*cked up.
     
  4. Truthmatters
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    We have friends who own a business, they went for a new home loan and the got refused because the business was down last year. Then his daughter who works for him applied and she got one. Their thinking was the business might go under because business is down even though they are rock solid yet they gave the daughter a loan even though she works for the company they are worried about going under.

    Idiots
     
  5. PatekPhilippe
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    PatekPhilippe Senior Member

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    Wrong as usual....
    They have a points system and the "friends" credit score was fucked up...didn't have jack shit to do with the business....obviously the daughter is a responsible adult who pays her bills ON TIME and therefore is rewarded with a loan for being RESPONSIBLE.
     
  6. rightwinger
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    rightwinger Paid Messageboard Poster Gold Supporting Member Supporting Member

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    Its a shame new home sales are down. Going to be some ups and downs till the Real Estate market recovers.

    Just need to keep our fingers crossed
     
  7. Truthmatters
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    Nope asshole you are wrong and know NOTHING about the situation
     
  8. noose4
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    noose4 Senior Member

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    As some one who has never owned a home the real estate market falling is a good thing, I make decent money but I cant even imagine paying in the area of $400,000 for a home or a condo, where I live greed has reached its breaking point regarding the real estate market.(at least I hope it has)
     
  9. blastoff
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    blastoff Undocumented Reg. User

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    Heard about the new home sales on the radio this morning but the same report said sales of existing - or used or however the industry refers to them - homes were up vs. previous month and same month year ago. Think it was either 6 or 8%, but not sure which period it was for.
     
  10. uscitizen
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    uscitizen Senior Member

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    I am wondering if the used home sales were up due to foreclosure sales?

    that and most used homes are cheaper than new ones.
     

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