Posted on 03/23/2011 7:25:12 AM PDT by library user
~ EXCERPT ~
WASHINGTON (MarketWatch) — Sales of new single-family homes collapsed in February, the Commerce Department reported Wednesday, as a combination of high unemployment, tumbling prices and a glut of cheaper alternatives brought activity to a near-standstill.
New-home sales fell 16.9% to a seasonally adjusted annual rate of 250,000 in February, though January’s figures were revised higher to 301,000 from 284,000. Compared to February 2010, sales collapsed by 28%.
Every region but the West saw record lows, and in the Northeast, sales dropped by 50% compared to year-earlier levels.
(Excerpt) Read more at marketwatch.com ...
hopeandchangehopeandchangehopeandchangehopeandchange... SHOUT it with me! hopeandchangehopeandchangehopeandchange...
This sure is some recovery we’re having!
Just remember, folks... your friends and neighbors elected this sight gag...
I’m ... uh ... I’m gonna blame the weather. Yeah! That’s the ticket!
Why buy new? There are cheap used and foreclosed homes all across the land. I like to think of it as the “Frank/Dodd” legacy.
Economists polled by MarketWatch had expected a slight rise to a 290,000 rate in February. January’s sales were hurt in part by abnormally bad weather and the expiration of a California tax credit.
Ha! Last year was the "Summer of Recovery." This year the theme will be the "Summer of War and It's not my fault."
Look at the bright side. Eventually, a C-note will get you a mansion.
This is just racism.
Buy a house, crackas!
Obviously there is plenty of housing and builders shouldn’t build for a while........that’s all. Supply and demand. No demand. Lots of houses.
Why are the taxpayer bailed out NYC banksters and money people the only people still making making all the money in the USA? Why do they still have any money after the way they screwed over the country?
Most average workers and small businesses are trying to keep their head above water and make ends meet while they continue buying $100 hamburgers and shop at Tiffany.
Bush’s fault.
Or maybe a wheelbarrow of worthless ones?
I know this is just crazy talk but how about some generous tax credits for buying a home or two to eat up some of this supply an re-stabilize prices?
The Obama home modification plan obviously didn’t work.
Let investors buy tangible assets...
You know, the Soviet Union had bad wheat harvests. They blamed the weather too. Yup. Seventy-two years of bad weather.
Bush’s fault!
Yeah, but February this year was 28% shorter than last year.
Plus, you’re not factoring in the number of home sales saved.
How’s that Hope and Change workin out for ya?
With banks still holding on to Zombie properties, and tons of shadow inventory waiting to be sold.
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