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Bloomberg: Sales Of U.s. New Homes Fall To Record Low Pace

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It may be getting a bit boring for some, but its new record low which indicates that US Housing makret is now Dead & burried...Anyone expecting that there might be a slight chance of it picking upcan be rest assured.

Double Dip almost guaranteed now

Worse Than Forecast

Sales of U.S. New Homes Fall to Record Low Pace

By Courtney Schlisserman - Aug 25, 2010 3:10 PM

Sales of U.S. new homes unexpectedly dropped in July to the lowest level on record, signaling that even with cheaper prices and reduced borrowing costs the housing market is retreating.

Purchases fell 12 percent from June to an annual pace of 276,000, the weakest since data began in 1963, figures from the Commerce Department showed today in Washington. The median price of $204,000 was the lowest since late 2003.

A lack of jobs is hurting American’s confidence, leading to a plunge in home demand that threatens to undermine the economic recovery that began a year ago. Builders are also competing with mounting foreclosures that is forcing down property values.

“Home sales are going to remain in the dumps until probably pretty much the end of next year,” Ken Mayland, president of ClearView Economics LLC in Pepper Pike, Ohio, said before the report. “We’re going to be talking about the foreclosure overhang for more than a year.”

Stocks held earlier losses after the report. The Standard & Poor’s 500 Index fell 0.7 percent to 1,044.59 at 10:06 a.m. in New York. Treasury securities rose, sending the yield on the benchmark 10-year note down to 2.45 percent from 2.49 percent late yesterday.

Another Commerce Department report today showed orders for durable goods increased less than forecast in July, a sign one of the few remaining bright spots in the economy is cooling. Bookings increased 0.3 percent, compared with the 3 percent median estimate of 75 economists surveyed by Bloomberg News. Excluding transportation equipment, demand unexpectedly dropped.


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Oh good, back in July Alan Greenspan said that there was no risk of a double dip in the US as long as house prices did not continue to fall.


listening to a professor who works as a UN adviser this am on CNBC, he was pretty negative, said that there has not been any investment in infrastructure, bridges, roads, educations etc everything is falling apart the only $$$ going is in defense in trilions he also stated high possibility of a double dip & it was pre housing sale report!!!

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  • 417 Brexit, House prices and Summer 2020

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