Posted on 08/25/2010 7:18:42 AM PDT by 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.
(Excerpt) Read more at canadianbusiness.com ...
My guess? The very second the GOP is inaugurated with their wins.
The media won't wait and will blame the up-coming "strongly held" REPUBLICAN!!!1!eleventy!! CONGRESS for the worst economy in 50 years.
B.S. wk4bush2004, I think just by your logon, you are biased.
This is Obama's summer of recovery to wallow in, Dubya' is nothing but a citizen watching his hard earned work go up in liberal flames.
January in Minnesota you will be able to if yo work for the guberment.
January in Minnesota you will be able to if you work for the guberment.
No pun intended....
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Democrats privately fear House prospects worsening
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“Worsening”?
They have already got worse you Obamite dillweeds!!!
Any realtor that voted for Obama should just face it.
They slit their own throats.
“Summer of Recovery” or “Saved Home Sales were Up”
Another 2 1/2 years of vacation ought to about do it.
I feel for you, Sam. I know the market is rotten for folks in your situation.
I'd like to be buying a house right now. Conditions almost couldn't be better for buyers. Unfortunately, my credit and income have plunged in the last five years, and even a modest home is now out of reach for my family.
It's not so rosy on the other side, for some of us, either.
Four consecutive terms of a progressive president will do that.
It'll be different this time.
I made an offer on a pre-foreclosure home (short sale) and their agent said “it won’t fly”. Waited a month, and their bank finally came back and accepted it. Went through the usual hoops, and after the inspection revealed more than I wanted to dish out (considering the “owner/seller” wasn’t going to pay for any of this), the “bank” offered me a pittance of $5k. I said “let’s get real”, and countered considerably lower. Agent again said, “it’s not going to fly”. I dropped the whole thing back in her lap. A month and a half later - they lowered their listing price to my offer, and they’re 2 weeks away from it being OWNED by the bank. I can’t afford to make 2 house payments forever (waiting for mine to sell in this market) so I’m staying put. In the meantime, I’m surrounded by 2 more REOs and my SEV continues to drop. Those of us who are RESPONSIBLE and living within our means are the one’s getting screwed, IMO. We’ll get taxed to death to bail out the one’s who effed up. Pisses me off royally.
I know it isn’t. The whole thing stinks. We’d like to rent for a year or two to try to catch back up. I wish we could drop the price of our house even lower but we just can’t afford to do that. It’s already listed at a price that will require us to get a small loan to cover the expenses at closing. We’ll be taking such a loss on this house if it ever sells. Very disappointing!
My wife and I sold our house in L.A. county in early 2005, almost at the top of the market, and made a bundle off the sale. We weren't trying to make money off it. We were only trying to upgrade because our family had grown, and we needed a bigger house.
Market forces were changing so rapidly at the time, that we were priced out of our own neighborhood before we could even secure another home. We wound up leasing an adequate house for a year while we tried to find something permanent.
Long story short...within that year, the housing bubble got even bigger, and we wound up priced out of the entire metropolitan L.A. area. That forced us to move to Texas, where property values were a lot more reasonable.
Unfortunately for us, our business didn't work the same here, as it did in SoCal, and we eventually didn't have the income to keep the wonderful home we'd bought here. We've now been renting low-grade digs for the last four years.
I don't know how long the road back to home ownership will be for us, but we remain committed to getting back there.
We cannot let those who voted for this get away with it.
They must be tarred as who they are, weak-minded, simple answer seeking, unwise, foolish individuals.
They should be forced to genuflect to the country class, apologizing profusely, and begging forgiveness.
We’re on the Dave Ramsey plan and I want to do it right next time. I’m torn though. I want to buy land and still a double wide (or triple with the size of my family) just so we have a place to put our garden. We can always build later. Good luck to you and yours!
That’s the trouble with lurkers...they’ll pounce UNEXPECTEDLY.
And Trent Lott punted.
I agree, but don’t forget Bob Dull. He was the Majority Leader from January 1995 until his run for president.
Between he and Lott, what a disaster. And as bad as they were, they were still probably a bit better than Frist. Maybe not. What’s your take on it?
There will never be a better example of why we are where we are than Trent Lott dropping his drawers and offering the Democrats "power sharing." We're being led down the road into an oligarchy. And that's assuming that the Republicans overturn everything that Obama does. How do you play "loyal opposition" to a bunch of socialists that will rule at the point of a gun, if necessary? You can't; you have to crush them.
The Dems are starting fires and the Republicans never bring enough water to put them out.
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