[Free Vulcan]

Bottom line: people can't get mortgages. Also, home prices are still dropping. I also wonder if the lower inventory number is people taking their homes off the market.

Housing starts were equally crappy. All ends of the home sales pipeline stink. As of right now the American housing market is basically dead.

[kempster]

That first stimulus worked so well that we need to do it again.

[himno hero]

To me? This is the best indicator of the economy. If things are looking up, people will look around and trade up. They will bite off the mtge to make it possible. Here, the White House is boasting a recovery for their propaganda. Reality? where the rubber hits the road? Crapppola.

Its all about future expectations, and that conman, Obama, doesn’t create a rosy future!

[svcw]

My experience is that this high cancellation rate is do to the fact that lenders are required to pull your credit report after signing, in that three day period. If anything has changed the ratios, say you have to buy a new washer and get credit then Fannie Mae or Freddie Mac might not buy the loan from them and the lender can cancel the funding. They have to sell the loans, so the banks are stuck with these stupid new regulations.

[Bean Counter]

And in the middle of this, Fannie Mae wants to start playing landlord, and renting their houses. Not only has the gubmint trashed the housing markets they are going to try and trash the rental markets as well.

Bad craziness...

[the invisib1e hand]

no worries, man! you can rent a foreclosed home from Uncle Sam!

[CodeToad]

” As of right now the American housing market is basically dead.”

I know several real estate brokers. They say the same thing. They can rent homes but selling them, even compared to last year, is a dead market.

[dragnet2]

It’s be very odd when homes prices are nearly the same price as a new high end pick up truck.

What chaos...

[whitedog57]

Another fine mess!

http://confoundedinterest.wordpress.com

[whitedog57]

Another fine mess!

http://confoundedinterest.wordpress.com

[RayChuang88]

There's another reason: the fear of a double-dip recession since mid-July 2011 has essentially started to close the pocketbooks of everybody in sight--consumers, businesses, and so on.

And that includes me. I was ready to buy a 2012 Hyundai Accent SE hatchback to replace my old Honda Civic HX CVT coupe, but now with the increasingly bad economy, I've indefinitely postponed that because I need to conserve liquid assets in case I have to use it to get me through potentially really bad times.

[Nachum]

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