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U.S. existing home sales rise in February

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posted on Mar, 23 2009 @ 10:49 AM
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U.S. existing home sales rise in February


www.reuters.com

WASHINGTON (Reuters) - Sales of previously owned U.S. homes rose at their fastest pace in nearly six years in February, data showed on Monday, providing some good news for the recession hit-economy.

Sales rose 5.1 percent in February to a 4.72 million-unit annual rate, notching their largest gain since July 2003, the National Association of Realtors said, but about 45 percent of the sales were foreclosure or short-sale transactions.

Economists polled by Reuters were expecting home resales to slip to a 4.45 million-unit pace, from the 4.49 million rate initially reported for January.

"Our analysis shows that distressed homes typically are selling for 20 percent less than normal market price, and this naturally is drawing down the median price," said Lawrence Yun, NAR chief economist.

The median national home price declined 15.5 percent from a year ago to $165,400, the second biggest decline on record.
(visit the link for the full news article)




posted on Mar, 23 2009 @ 10:49 AM
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"45 percent of the sales were foreclosure or short-sale transactions". That phrase is important in this article. People profiting from others losses.
Is this trend going to continue for a long period of time? Where prices to high? and now some people are forced into foreclosures and short-sale deals...
Every family should have a home. A lot of people in the US where forced out because of the recent crisis that took place.
Easy credit to people who could not afford it... And now, some of them end up on the streets or in camping grounds for they can't afford homes anymore.
And what about all the people in the US being laid off because of poor goverment managment, and corporation greed...


www.reuters.com
(visit the link for the full news article)



posted on Mar, 23 2009 @ 11:26 AM
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Above is a graphic from this site showing prices of homes on the decline.
It shows clearly that house prices were way to high for a lot of people.
If i was to have house payments right now, i could not afford more than 700$/month. Average salary in canada in 2008 was around 840$ per week, so i'm wondering how some people were able to afford 1600$ or more per month on house payments....

[edit on 23-3-2009 by teklordz]



posted on Mar, 3 2012 @ 05:59 AM
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reply to post by teklordz
posted on 23-3-2009 @ 11:26 AM

 


Update MARCH 2012:

The National Association of Realtors reported that sales of existing homes jumped more than 3% in January, a 2-year high. In December, the existing homes sales number was reported to be 4.61 million, up 5% from November. The sales for January 2012 were reported at 4.57 million. That was a drop not a gain. The NAR fraud allows them to deliberately control perception of the housing market for the masses that are generally not exposed to proof of such fraud.

In addition, the NAR recently revised lower all existing housing sales from 2007 through October 2011 by 14%. That means seven of every 100 home sales reported over five years was fraudulent. This allowed the real estate industry to make higher sales than they might have made otherwise, thereby defrauding the public.

The NAR is a fraud and most of governmental and corporate reporting today is as well. We have banking and some businesses being allowed to carry two sets of books.

You can compare NAR numbers with mortgage purchasing applications week to week last week. The 4-week moving average fell 3.2% and that index has fallen 12% year-on-year. Some buyers over the past three months should sue these crooks.

Over the next 2-1/2 to 3 years the US real estate market will be hit hard – end foreclosures to add to the already over abundance of such real estate foreclosed inventory. Now that most of the lower end homes have been dealt with it is time to take on the expensive homes. Many of those lower priced homes will become rentals and that should continue to put pressure on prices.

Banks have let high-end owners in default live in homes free for up to three years for technical reasons and to hide inventory. These figures are available to everyone, but we hear just the opposite on financial channels. Like everyone else in business there is little validity in his or her statements. Once these homes are unleashed banks and government will find very few buyers. The banks paid a paltry fine of $26 billion or $0.02 on the dollar versus what they defrauded the American public out of. The foreclosure party is over. The former owners will be removed and the homes put up for sale. The high end of the market is finally about to be hit. They are about to complete their 50% to 60% drop.





edit on 3-3-2012 by Seconal because: (no reason given)



posted on Mar, 3 2012 @ 06:12 AM
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So copy a few files of the internet and face ten year in jail but defraud millions of people and you get what ! a frigging pay rise and it time we took to the streets using force and sort this mess out.

I would burn my hosue down before handing the keys back in and then see if these criminals bankers controlled by Israel are quite so quick to come looking to take property from owners that have been conned and setup.



posted on Mar, 3 2012 @ 06:17 AM
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I don't trust any official figures, everything is manipulated and massaged to benefit whoever needs it. It's all a part of the same confidence trick, duping gullible and greedy people into giving up their cash and "trusting" that everything will work out fine.

All one needs to do is see the ever increasing debt, the non-change in banking policies and practices, the wealthy elites still raping the public and the scene of increasing desolation and hopelessness in cities and towns everywhere.

Nothing has changed, nothing is improving, this collapse is far from over.

Some might hate me for saying it, but as a single man who has been completely priced out of owning my own home and spends over 60% of my income on rent alone, I can't wait to see the entire housing market completely collapse into dust.

Unlike the generation above me, I don't want to make hundreds of thousands on my property, I just want a roof over my head. They've all had it too good for far too long and robbed people like me of having my own modest home. They've inflated the housing market beyond the reach of an entire generation of people, and it's time for some payback.

Bring on the housing collapse. When the row of decrepit houses on my street are priced below what they're actually worth maybe then I'll finally have a chance of owning one!



posted on Mar, 5 2012 @ 01:27 PM
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Originally posted by detachedindividual
I don't trust any official figures, everything is manipulated and massaged to benefit whoever needs it. It's all a part of the same confidence trick, duping gullible and greedy people into giving up their cash and "trusting" that everything will work out fine.

Nothing has changed, nothing is improving, this collapse is far from over.


Good Lord, do you mean to imply that both Borrower and Lender were fraudulent POS? rofl


Some might hate me for saying it, but as a single man who has been completely priced out of owning my own home and spends over 60% of my income on rent alone, I can't wait to see the entire housing market completely collapse into dust.

Unlike the generation above me, I don't want to make hundreds of thousands on my property, I just want a roof over my head. They've all had it too good for far too long and robbed people like me of having my own modest home. They've inflated the housing market beyond the reach of an entire generation of people, and it's time for some payback.

Bring on the housing collapse. When the row of decrepit houses on my street are priced below what they're actually worth maybe then I'll finally have a chance of owning one!


Well vented.

C'mon down to Everglades City youngun and make sure you ask for the square groupers when you get here!



posted on Mar, 5 2012 @ 01:52 PM
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Its nice to begin hearing GOOD NEWS now for a change after living through the DISASTER that our last Republican did to this country.

Always takes a Democrat Presidency to repair the country from a Republican Presidents MESS.
edit on 5-3-2012 by HangTheTraitors because: (no reason given)



posted on Mar, 5 2012 @ 03:18 PM
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Originally posted by HangTheTraitors
Its nice to begin hearing GOOD NEWS now for a change after living through the DISASTER that our last Republican did to this country.

Always takes a Democrat Presidency to repair the country from a Republican Presidents MESS.
edit on 5-3-2012 by HangTheTraitors because: (no reason given)




What good news?



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