Posted on 08/16/2010 9:10:18 AM PDT by Red in Blue PA
WASHINGTON (AP) -- Homebuilder confidence dropped for the third straight month in August as the struggling economy and a flood of cheap foreclosed properties kept people from buying new homes.
The National Association of Home Builders said its monthly index of builders' sentiment about the housing market fell to 13, the lowest reading since March 2009. The index is adjusted for seasonal factors.
Readings below 50 indicate negative sentiment about the market. The last time the index was above 50 was in April 2006.
(Excerpt) Read more at finance.yahoo.com ...
Recovery Summer!
What is the next meaningless phrase they will try?
If you build it, they will come. And look. Then leave.
This was expected, right?
Unexpected. Inherited.
At least obama will be getting another vacation by going to Martha’s Vineyard. He deserves the rest/SARC
Well, he’s got to vacate so they can do the $376 million conversion of the WH to the White Mosque.
Buying a new home has become like buying a new car. The minute you move in you are ‘upside down’.
Hey, on this good news do you think the DOW will close higer or lower today? Right now it’s up over 20 points Appropro of what? Yes indeedy, welcome to Onadaville, the Marxist-controlled Wall Street leadership and the state-run propangada organs (aka “media”).
The builders know they aren’t selling. It’s indicative of an ailing economy. No new jobs means nobody is looking to move. Most people are worried about keeping what they have.
Recovery summer indeed! Green shoots! What a hoot!
Maybe we can look forward to “The Autumn of Worker’s Blissful Paradise.”
I sat back and watched for years as the builders were putting up McMansions as fast as they could around here, and I watched as the banks were letting ditch diggers buy the things knowing that the payment when the balloon came would be 75% of their gross income alone.
Anyone with half a brain knows that if you build a buttload of new homes for years then eventually the market is flooded and we have the problems we have now. No matter what Barney Frank or Chris Dodd think, not everyone is capable either mentally or financially to own and not rent.
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