.Posted on 07/27/2009 11:38:21 PM PDT by FromLori
Get ready for another round of bad reporting:
The $8,000 Fed tax credit (1st time buyers) and a $10,000 California tax credit (new homes only) likely helped out in NHS this month. Falling prices are also contributing to sales activity of the sector, which represents about 15% of the overall housing market.
Here is the official New Home Sales:
Sales of new one-family houses in June 2009 were at a seasonally adjusted annual rate of 384,000, according to estimates released jointly today by the U.S. Census Bureau and the Department of Housing and Urban Development. This is 11.0 percent (±13.2%)* above the revised May rate of 346,000, but is 21.3 percent (±11.4%) below the June 2008 estimate of 488,000.
Thus, we in fact know that Sales fell from last year. They were down 21.3%, a number greater than the margin of error.
The monthly data, on the other hand, is not statistically significant. Therefore we DO NOT KNOW what the change was from last month, as the margin of error is greater than the reported data point.
The usual suspects got it wrong, as they do every month.
If New Home Sales are so strong, then can anyone explain why prices are still plummeting? Median home prices dropped 12% year-over-year, and 5.8% from the prior month.
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I know he points that out in the article if you go to the source and click on the usual suspects who are lying. Graphs and Facts speak for themselves.
Of course their headline is a joke and they are using very deceiving math. The numbers of new homes sales are much lower than last year and much lower than the last eight years.
Here is the key sentence in that article:
The pace of sales for new homes in June was still 72 percent below the peak of four summers ago, and there is still an enormous inventory of homes lingering on the market.
The rest of it is spin.
Pesky little details ... I am looking at previously lived-in houses for $50,000 +/- in WV and NC for rentals. I even found a couple of new ones that need finishing around $75,000.
Just wait until this fall... wtshtf!
I can not imagine housing making a comeback until a. unemployment gets back down to, at least, 7 percent. b. The market is truly adjusted and house prices aren't kept inflated by keeping people in houses they can not afford.
You beat me to it jveritas! :)
Well, it is easy to see the lies and spin of the liberal media :)
The un-naturally high collection of for-sale signs in my own neighborhood tells me that the AP is lying. I just wanted to point it out.
When you have 80% drop in new homes sales earlier this year compared to the same time last year and now you only have 72% drop in new homes sales compared to the same time last year then in the eyes of the the socialists and their media this is the greatest new homes sales increase in history of mankind.
It needed to be....even some Freepers were talking about it showing the economy turning around.
Here, there are homes for sale in every neighborhood, from one end of the economic spectrum to the other. Homes on our North Main Street that normally you have to inherit to get, are up for sale.
New home sales are non existent except for foreclosures.
I don’t see the big jump from May to June. Yes, it was a bit higher - but, look, just for example, at 2005. The graph shows a huge jump from January 2005 to Feb. 2005, then Feb. 2005 to March 2005. How can the media say that May 2009 to June 2009 was the largest increase in eight years???
I work in LiberalLand...when the stock market goes up 60 points, as they browse the Internet at work, they excitedly kibbutz over the tops of their cubicles that the stimulus is working, the economy is recovering, and their investments are saved.
I am sure this will have the same effect.
I am not kidding.
I meant the bogus news that home sales are up...not this one.
According to ABC news, home sales are up about 21%.
They fell since LAST YEAR. They are up strongly since LAST MONTH. Nobody’s lying.
Here is another article backing up your link:
“New-Home Sales Rise 11 Percent In June, Marking Third Consecutive Month of Improved Sales Activity
RISMEDIA, July 28, 2009-Sales of newly built, single-family homes rose 11% in June to a seasonally adjusted annual rate of 384,000 units, according to numbers released by the U.S. Commerce Department. Coming on the heels of an upwardly revised number for May, the gain marks a third consecutive month of improved sales activity.
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