New home sales sink 12.4 percent in July to slowest pace on record as economy weakens

AP via CB Online ^ | August 25, 2010 | Allan Zibel

[John W]

WASHINGTON (AP) - Sales of new homes dropped sharply last month to the slowest pace on record, the latest sign that the economic recovery is fading.

The Commerce Department says new home sales fell 12.4 percent in July from a month earlier to a seasonally adjusted annual sales pace of 276,600. That was the slowest pace on records dating back to 1963.

[McGavin999]

Ummmm, do you think it could be because there are so many empty homes going into foreclosure? Do you think it might be because you need a job to buy a house......oh wait, no you don’t or we wouldn’t be in this mess.

[Oldeconomybuyer]

"Change will not come if we wait for some other person or some other time. We are the ones we've been waiting for. We are the change that we seek."

-Barack Hussein Obama

[wk4bush2004]

BUSH’S FAULT!!!!!!

There, now we know what Obama’s next speech shall consist of.

[unkus]

In my opinion, there will be no “recovery” for 10-15 years.

[samiam1972]

Can’t tell you how happy I am to be trying to sell my house right now.

[Lurker]

From another thread: "Sales are expected to show a slight 0.9 percent improvement for July"

I guess we can say this is.....
Wait for it....

UNEXPECTED!!!

L

[RckyRaCoCo]

IBU(in before UNEXPECTED)

[Blood of Tyrants]

After the crash of 1929 stocks did not reach their pre-crash levels until 1954, 25 years later.

[headstamp 2]

Carter to the 100th power

[headstamp 2]

“Change will not come if we wait for some other person or some other time. We are the ones we’ve been waiting for. We are the change that we seek.”

-Barack Hussein Obama “

“CHANGE” the channel.

[DocH]

That was the slowest pace on records dating back to 1963.

Did anyone else notice that, instead of 40+ years, the left-wing media has been reporting that it's the worst in 15 years?

The lies and propaganda are astounding, though what we've come to expect from the left-wing tools.

[lsucat]

We’re in the same boat.

[Rational Thought]

There is an answer to this mess. Banks need to start making real estate loans once again, minus the complete red tape nightmare Government has imposed.

[Perdogg]

Also, the tax credit ended.

[McGavin999]

The economy will recover when government stops forcing the banks to grant credit to poor risks. If you don't have a down payment (unless you are a vet) you shouldn't even be considered for a home loan.

The things that should be required to purchase a house in America should be:

Down payment
A job with a decent employment history
Proof of citizenship or a cosigner who is a citizen abd financially responsible (capable of picking up the payments in the case of default)

If they don't do these things there will be no recovery. It's going to be hard, but we'll get there.

[mmichaels1970]

Happy Recovery Summer!

[xzins]

This is undeniably the Obama economy. It is Obama’s ignorant policies that have killed jobs creation. It is Obama’s dead housing market. Obama’s frightened business community. Obama’s chaotic investment community. Obama’s brutalized health industry. Obama’s over-governed, over-taxed, over-threatened America.

How can they possibly be surprised at the results?

If they’re not, then one has to wonder if it’s by design. If they are, then one has to wonder at their competence.

[musicman]

Well that makes three of us on this thread....

[massmike]

New home sales sink...