Monday, Jun 26, 2006

It's not what we've been hearing!

BBC web: US home sales defy rate pressures

Property sales are still robust despite rising mortgage costs. New home sales remain strong in the US, figures show, suggesting that successive interest rate rises have yet to subdue the property market. Sales rose a faster-than-expected 4.6% in May, although the average price of a new home did fall 4% to $235,300.

Posted by tyrellcorporation @ 09:19 PM (558 views)
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6 Comments

1. bidin'matime said...

Why don't they recognise that this is all consistent with the topping out of the market?

Monday, June 26, 2006 10:38PM Report Comment
 

2. Surfgatinho said...

What else would you expect from the BBC. Whilst there is a growing pile of stories talking of housing armageddon in the States good old Auntie manages to put a positive spin on things.
The article seems to contradict itself in places:
"Experts believe the impact of months of consecutive rate rises will soon affect the market, with some even forecasting a double-digit fall in sales this year."
Followed by:
"On the whole, this is a comforting report to those worried about the housing market,"
Hmmm, make your mind up

Monday, June 26, 2006 10:41PM Report Comment
 

3. Jake The Muss said...

I'm in the building products industry and speaking to a director of a North American building products company two weeks ago (who is a very significant supplier to US housing market), he said business is the worst he has ever seen, because "the housing bubble is bursting".

Tuesday, June 27, 2006 09:17AM Report Comment
 

4. Sloth said...

You might like to post your thoughts on http://www.biased-bbc.blogspot.com/ where I am sure they'd welcome your comments.

Tuesday, June 27, 2006 12:03PM Report Comment
 

5. inbreda said...

Surfgatinho - the report is not contradictory - think about it - I am worried about the housing market, and I find it very comforting to know that experts are expecting double-digit falls in price.

Tuesday, June 27, 2006 12:52PM Report Comment
 

6. Indiablue19 said...

Last Autumn my Mother sold her home in Florida where she had spent winters over some years. She sold at the top of the "boom," evidently because ever since her former neighbors have watched prices crash. This is happening all along the Florida coast and other locales as well where we have previous "haunts" and friends, in Arizona and California, all of whom report a rapid disintegration. It is quite troubling to realize that the BBC either have the world's worst reporting staff, are living in delusion, or are required to feed us sheer nonsense, apparently in support of GB's aspiration.

Tuesday, June 27, 2006 01:54PM Report Comment
 

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