New Home Sales Plummet in February (Did the bubble just bust???)

AP via Yahoo! ^

[Lunatic Fringe]

WASHINGTON - Sales of new homes plunged by the largest amount in nearly nine years in February while the median price of a new home dropped for the fourth straight month, providing fresh evidence that the nation's once-booming housing market is cooling off.

The Commerce Department reported that sales of new single-family homes dropped by 10.5 percent last month to a seasonally adjusted annual sales pace of 1.08 million homes. It was the second straight monthly decline and was much bigger than the small 2 percent dip that Wall Street was expecting.

The drop in new home sales followed news Thursday that sales of previously owned homes actually rose by a stronger-than-expected 5.2 percent last month following five straight monthly declines. Analysts said the trend in both reports pointed to a slowing housing market after five record-setting years.

[Roccus]

"...except to your heirs."

~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~

POP! POP! POP!

Screw 'em!

POP! POP! POP!

[edcoil]

"older homes for sale."

I don't argue with you on your statement however I might not agree with it.

The story however is that exisint homes sales yesterday are reported as rising it is new homes not sell.

My point was there are fewer new homes to buy.

[LS]

Hehehe. You are bad.

[Roccus]

Not really. My only heirs are my sister's kids. They've 'borrowed' so much money from me that I never hear from them.

[LibLieSlayer]

I'm in the middle of Katrina, and what you say is right. There are 10's of thousands of home that will have to be demolished and rebuilt, but the Army Corp of Engineers has not issued their new building guidelines and flood plane plans.

Soon there will be plenty of new construction to sadden willie green!

LLS

[D-Chivas]

If all homes sales were still rising, they'd be complaining about the possibility of inflation coming back. It's always something negative.

[festus]

(Did the bubble just bust???)

Yes and were all dead now so you can stop worrying.

[bkepley]

--What do you call real estate agents?????

Hmm...I didn't know real estate agents put their own credit on a house. I thought they were just agents for others who do have credit on the house. Agents then (if they are the ones) who buy each other's houses with the intent of continuing the bubble are scum.

[Amanda75]

NO, morons, it was just too cold to shop for house, give it time to warm up and them watch out

[ridesthemiles]

The weather in the stronger sections of the economy - The West- was awful in Fedruary.

I think this is just a "statistic" that is a bump mostly due to the weather.
I didn't leave my property for over 12 days because every other day it was chains or 4 wd drive only in every direction. Not lots of snow, but dangerous on long desert hills. Glad I had a full freezer and NASCAR.

[antaresequity]

POP!

Careful...the rah rah drones will flame you using such irefutable logic...

The FED[BOJ,ECB] is/are directly responsible for this; printing and pumping the liquidity to the hilt...

When the YEN carry really begins to unwind here in the US later this year...then its going to really get interesting...

The big 3 central banks have set the stage for some troubling times ahead...

We have been living in a liquidity [not demand] driven economy for the last 2-3 years...

[antaresequity]

I'll be buying my first home in about three months.

Why not wait a year? They will be cheaper still...

[palmer]

bunch of "goldbugs," who are vested in some sort of bust that will increase the value of their gold.

My gold and silver is an important proper part of a diverse portfolio. It not an "investment" and certainly not an investment in anticipation of a bust. It is simply dead money that won't lose value the way paper currency will. It doesn't help the economy, but neither does it hurt.

[HamiltonJay]

For years I was saying we are in a bubble, and when it pops its going to fall hard....

and the experts and talking heads and analysts were saying there's no bubble..

Then the experts said, It looks like there might be a bubble....

Then they said... yea, housing is peaked, but its not a bubble...

Now they are saying, yea there was a bubble... but its going to be a soft landing....

Another 6-12 months and they'll have caught up to what I've been saying for a while now...

But until then, let me continue their foolishness.... look just like those stock guys who kept tech stocks and "buy" or "hold" when they were dropping like rocks.

[listingright]

Just out of curiousity, why do you hold gold and silver instead of holding stock in a gold / silver mining company? The company's value closely tracks the value of gold, you don't pay holding / management fees, and you hopefully see some sort of return from the company.

[new yorker 77]

Another FAKE headline from AP.

The Stock market would on news of a 'plummet' in home sales.

The AP is Pro-terrorist and anti-Bush.

They are a dishonest disgrace.

[HamiltonJay]

No new homes to buy? You are letting your political view blind you to reality... builders have been popping up houses like mad everywhere.

[OldFriend]

Existing homes sales were much higher than expected.

Most people contract for new homes to be ready in the spring or summer.

[new yorker 77]

Look at The Stock Market reaction to the phantom 'plummet':

More FAKE News from AP. Making a career of hyping fakery in order to spite President Bush and Republicans at every level.