Tuesday, Jan 05, 2010
When the prop is kicked away, then what? US housing totally reliant on FED life-support!
Bloomberg: Pending Sales of U.S. Existing Homes Dropped 16%
The number of contracts to buy previously owned U.S. homes fell more than forecast in November as Americans waited for a first-time buyer tax credit to be extended. The index of signed purchase agreements, or pending home sales, dropped 16 percent after a revised 3.9 percent October gain that was more than initially reported, the National Association of Realtors said today in Washington. It was the first decrease in 10 months. The figure shows housing may be at risk of weakening when homebuyer incentives, which were extended in November, expire later this year.
Posted by tyrellcorporation @ 03:37 PM (542 views) Add Comment
2 Comments
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1. bystander said...
“The number of contracts to buy previously owned U.S. homes fell more than forecast in November as Americans waited for a first-time buyer tax credit to be extended.” - says it all really. Wonder when the car manufacturers and salespeople will start bleating that the general public are holding off buying new cars until the 'Cash for Clunkers' is brought back. Democrats are socialists and a socialist ensures votes by creating a population unable to cope away from the teat/ teats of the state. Benefit slaves encouraged by Capitalist America, because it no longer has to work at the whim of market forces - The State will come to the rescue. BIG PROBLEMS, BIG PROBLEMS.
2. inbreda said...
"incentives, which were extended in November, expire later this year."
surely any sane person would wait until the incentives are gone, and drops realised, before buying? I would imagine these incentives get less and less effective even if they are kept in place. It really must get like a junkie - always requiring a bigger incentive to get the same effect.
We all knew it - trying to prop up HPI was only going to create worse problems