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Sales of new U.S. homes tumble 16.9% to record low
CBS Marketwatch ^ | March 23, 2011 | by Steve Goldstein

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 ...


TOPICS: Breaking News; Business/Economy; Front Page News; US: California
KEYWORDS: 0bamasfault; 17drop; debt; economy; estate; homesales; newhomesales; obamaconomy; obamasfault; obamnation; obamnomics; real; recovery
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Compared to February 2010, sales collapsed by 28%.
1 posted on 03/23/2011 7:25:20 AM PDT by library user
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To: library user

hopeandchangehopeandchangehopeandchangehopeandchange... SHOUT it with me! hopeandchangehopeandchangehopeandchange...


2 posted on 03/23/2011 7:27:47 AM PDT by April Lexington (Study the Constitution so you know what they are taking away!)
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To: library user

This sure is some recovery we’re having!


3 posted on 03/23/2011 7:28:04 AM PDT by library user (Just because you're homeless doesn't mean you're lazy.)
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To: library user

Just remember, folks... your friends and neighbors elected this sight gag...


4 posted on 03/23/2011 7:28:48 AM PDT by April Lexington (Study the Constitution so you know what they are taking away!)
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To: library user

I’m ... uh ... I’m gonna blame the weather. Yeah! That’s the ticket!


5 posted on 03/23/2011 7:29:10 AM PDT by ClearCase_guy
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To: library user

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.


6 posted on 03/23/2011 7:30:16 AM PDT by Grunthor (hcg diet, down 32 lbs in 5 weeks)
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To: ClearCase_guy
The article actually does blame the weather!
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.

7 posted on 03/23/2011 7:31:23 AM PDT by library user (Just because you're homeless doesn't mean you're lazy.)
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To: library user
This sure is some recovery we’re having!

Ha! Last year was the "Summer of Recovery." This year the theme will be the "Summer of War and It's not my fault."

8 posted on 03/23/2011 7:31:40 AM PDT by April Lexington (Study the Constitution so you know what they are taking away!)
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To: library user

Look at the bright side. Eventually, a C-note will get you a mansion.


9 posted on 03/23/2011 7:32:44 AM PDT by RockinRight (I once had my identity stolen. Once they got to know me, they gave it back right away.)
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To: library user

This is just racism.

Buy a house, crackas!


10 posted on 03/23/2011 7:33:05 AM PDT by VanDeKoik (1 million in stimulus dollars paid for this tagline!)
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To: library user

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.


11 posted on 03/23/2011 7:33:05 AM PDT by yldstrk (My heroes have always been cowboys)
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To: library user

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.


12 posted on 03/23/2011 7:33:08 AM PDT by apoliticalone (Conservatism is about putting the USA first, not international bankers and corporations)
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To: April Lexington

Bush’s fault.


13 posted on 03/23/2011 7:33:52 AM PDT by Hoodat (Yet in all these things we are more than conquerors through Him who loved us. - (Rom 8:37))
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To: RockinRight

Or maybe a wheelbarrow of worthless ones?


14 posted on 03/23/2011 7:34:41 AM PDT by VanDeKoik (1 million in stimulus dollars paid for this tagline!)
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To: library user

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...


15 posted on 03/23/2011 7:34:46 AM PDT by TSgt (Colonel Allen West & Michele Bachman - 2012 POTUS Dream Team Ticket!)
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To: library user
Too funny!

You know, the Soviet Union had bad wheat harvests. They blamed the weather too. Yup. Seventy-two years of bad weather.

16 posted on 03/23/2011 7:35:00 AM PDT by ClearCase_guy
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To: library user

Bush’s fault!


17 posted on 03/23/2011 7:38:10 AM PDT by bray (Hey Country Club, hold your noses this election!)
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To: library user

Yeah, but February this year was 28% shorter than last year.

Plus, you’re not factoring in the number of home sales saved.


18 posted on 03/23/2011 7:38:16 AM PDT by WhistlingPastTheGraveyard (Some men just want to watch the world burn.)
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To: April Lexington

How’s that Hope and Change workin out for ya?


19 posted on 03/23/2011 7:38:16 AM PDT by CPT Clay (Pick up your weapon and follow me.)
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To: library user

With banks still holding on to Zombie properties, and tons of shadow inventory waiting to be sold.


20 posted on 03/23/2011 7:40:19 AM PDT by tcrlaf (2012 Slogan: "You'd Have To Be Insane, To Vote For Hussein!")
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