November new home sales sink 11 percent

[uscitizen]

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

 

[Truthmatters]

its going to be a real fun year

 

[PatekPhilippe]

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

Tough to get a loan when your credit is all f*cked up.

 

[Truthmatters]

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

 

[PatekPhilippe]

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

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.

 

[rightwinger]

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

 

[Truthmatters]

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

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.

Nope asshole you are wrong and know NOTHING about the situation

 

[noose4]

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

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)

 

[blastoff]

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.

 

[uscitizen]

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.

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

that and most used homes are cheaper than new ones.

 

[Truthmatters]

Its alot easier to buy the exsisting home (used ) than to talk a builder into taking a loss for the house they just built.

 

[uscitizen]

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

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)

Perhaps you should consider moving? Around here 400k will get you a very nice home and a mini farm of 50 acres or so.

but be advised we do not allow immigrants from up north.

 

[Truthmatters]

Or just buy elsewhere and rent it out until you can sell for a profit and buy nearer to where you live.

 

[noose4]

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

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)

Perhaps you should consider moving? Around here 400k will get you a very nice home and a mini farm of 50 acres or so.

but be advised we do not allow immigrants from up north.

Go down south? I'd rather live in a cardboard box in the middle of winter by the lake in central park.

 

[uscitizen]

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)

Perhaps you should consider moving? Around here 400k will get you a very nice home and a mini farm of 50 acres or so.

but be advised we do not allow immigrants from up north.

Go down south? I'd rather live in a cardboard box in the middle of winter by the lake in central park.

Well that works out to our mutual benefit then

 

[Si modo]

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

That's better than your Baghdad Bob style of posts to bad economic news.

 

[Si modo]

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

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)

That's a good description of the bubble. And, IMO, that bubble needs to burst to equilibrate the market back to reality. The housing bailout was counter to a timely equilibration.

 

[Truthmatters]

That is the old "the market will take care of itself" plan.

The market does take care of itself in a sense but while it does that the people in the system get fucked.

The whole problem came to fruition because there were no regulations in place to temper the market so wwe dont have these idiotic boom and bust phases that decimate the majority of the polulation every twenty years.

The market is for people not the other way arround.