Jump to content
House Price Crash Forum
Sign in to follow this  
Deckard

Sales Of U.s. Existing Homes Unexpectedly Drop In August

Recommended Posts

http://www.bloomberg.com/apps/news?pid=206...id=aXe9QqyAM40s

Sept. 24 (Bloomberg) -- Sales of existing U.S. homes unexpectedly fell in August for the first time in four months, signaling the housing recovery will be slow to gain speed.

Purchases dropped 2.7 percent to a 5.1 million annual rate, the second-highest level in the last 23 months, the National Association of Realtors said today in Washington. The median price dropped 12.5 percent from August 2008.

Job losses indicate more Americans may lose their homes, swelling the glut of unsold properties. Even so, the housing recession that crippled the economy is easing as foreclosure- driven price declines, tax credits to first-time buyers and near record-low borrowing costs have helped stabilize demand in recent months.

US stocks down, oil down 4%

Deflation fears resurfacing ?

Share this post


Link to post
Share on other sites

Well, you see, consumption and borrowing had reached a very very low level.

So the government solution is stimulus....consumers get: $8000 to buy homes and $4000 to buy cars. Yay!

But, hold on, this is just moving forward consumption from an already low future level, at the cost of taxpayer funds; $43,000 for each $8000 stimulus, and $4000 for....Toyotas....

And the stimulus is extended to....Puerto Rico, Guam, the Virgin Islands....

Hmmmm....

That brilliant plan worked well, didn't it!

Share this post


Link to post
Share on other sites
deflation/collapse

take your pick

The way stocks/oil/gold just dropped like a stone seems to indicate the recovery/inflation story is very overbought IMO

Share this post


Link to post
Share on other sites

Don't extrapolate from US to UK. Some parts of US (Detroit) have reached a real bottom and turned with the artists moving in. But in UK there's a long way still to fall .... even in newbuild city-centre flats.

Share this post


Link to post
Share on other sites

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now
Sign in to follow this  

  • Recently Browsing   0 members

    No registered users viewing this page.

  • The Prime Minister stated that there were three Brexit options available to the UK:   292 members have voted

    1. 1. Which of the Prime Minister's options would you choose?


      • Leave with the negotiated deal
      • Remain
      • Leave with no deal

    Please sign in or register to vote in this poll. View topic


×

Important Information

We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue.