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Pending Home Sales Drop Again In Us

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WASHINGTON – Pending sales of U.S. homes slipped in January, according to trade group data released Monday, extending a months-long slide as the housing market shows signs of moderation after a five-year rally.
The Pending Home Sales Index, based on contracts signed in January, stood at 116.3, down 1.1 percent from December and 4.8 percent below a year ago, the National Association of Realtors said. December's index was revised up to 117.6 from an originally reported 116.4.
The Pending Home Sales Index has steadily declined since hitting a record 128.2 in August.

Now that the decline has set in the investors will dissappear and the vacuum left will suck the rest of the market down. It happens every time that is why there has NEVER been a "soft landing" after a bubble pops--the metaphors just don't mix.

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Guest Riser

And more bad news from the States out Today:

Treasury Dept. Moves to Avoid Debt Limit

Treasury Dept. Moves to Avoid Debt Limit


The Associated Press

Monday, March 6, 2006; 11:29 AM

WASHINGTON -- Treasury Secretary John Snow notified Congress on Monday that the administration has now taken "all prudent and legal actions," including tapping certain government retirement funds, to keep from hitting the $8.2 trillion national debt limit.

In a letter to Congress, Snow urged lawmakers to pass a new debt ceiling immediately to avoid the nation's first-ever default on its obligations.

"I know that you share the president's and my commitment to maintaining the full faith and credit of the U.S. government," Snow said in his letter to leaders in the House and Senate.

Treasury officials, briefing congressional aides last week, said that the government will run out of maneuvering room to keep from exceeding the current limit sometime during the week of March 20.

Snow in his letter notified lawmakers that Treasury would begin tapping the Civil Service Retirement and Disability Fund, which Treasury officials said would provide a "few billion" dollars in extra borrowing ability................

Officials have said that once the debt limit is raised, the investments taken out of the pension funds would be replaced and any lost interest payments would be made up. The formal title for the G-fund is the Government Securities Investment Fund of the Federal Employees Retirement System...........

Sen. Max Baucus, D-Mont., said last week that under President Bush the total of the deficits has increased by $3 trillion, a 40 percent increase from where the national debt _ the total of previous deficits _ stood when Bush took office in January 2001.

Edited by Riser

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I've noticed some very bearish articles in the New York Times. Everyone seems to know that the house price boom has peaked over here. I wonder why this doesn't happen in the UK?

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  • 335 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?

      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%

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