Sales of New U.S. Homes Dropped to Lowest on Record , page 1

Sales of New U.S. Homes Dropped to Lowest on Record

Sales of new homes in the U.S. unexpectedly fell in February to a record low as blizzards, unemployment and foreclosures depressed the market.

Purchases decreased 2.2 percent to an annual pace of 308.000, figures from the Commerce Department showed today in Washington. The median sales price climbed by the most in more than two years.

The new-home market is vying with foreclosure-induced declines in prices for existing homes in an economy where unemployment is forecast to average 9.6 percent this year, close to a 26-year high. Treasury Secretary Timothy F. Geithner yesterday said it would take a “long time” to repair the housing market as the administration takes steps to overhaul real-estate financing and regulation.

“Americans remain downbeat on the housing market,” said David Semmens, an economist at Standard Chartered Bank in New York, who forecast a 300,000 sales pace. “We expect the continuation of poor sales to lead to a resumption of downward price pressure.”

Sales were projected to climb to a 315,000 annual pace, according to the median estimate in a Bloomberg survey of 78 economists. Forecasts ranged from 275,000 to 343,000. The Commerce Department revised data to show a January sales pace of 315,000, up from the previously estimated 309,000. Records go back to 1963.


Bloomberg

Well I think that this speaks volumes. Although we are in a "recovery", it is still not a recovery until things like this turn around. New home sales are very important to our economy. Builders and contractors are just two key areas that require new home sales to continue to remain in business. The construction industry employs alot of people carpenters, painters, electricians, plumbers, and many more. I am failing to see the "recovery" from where I stand. How about you?

Edit to say I hope that this is the proper forum for this. I figured it was an extension of the global meltdown. If it is not Mods please move to proper forum.

[edit on 3/24/2010 by SpaDe_]

reply to post by SpaDe_

---

Why does every damn economic piece have this in it?

Sales of new homes in the U.S. unexpectedly fell in February to a record low as blizzards, unemployment and foreclosures depressed the market.

Everyone. Unemployment unexpectedly went up again this month. Bank closings unexpectedly went up this month. Business closings and layoffs unexpectedly went up this month.


My God, if the style of writing was anymore blatantly propagandist, it would have Propaganda Release at the top of the release.

Sorry, had to rant a little.

reply to post by endisnighe

---

I agree with you 100%. My dad used to tell me "wish in one hand and s**t in the other and see which one fills up first". The problem is these people are wishing in both hands, and when neither fills up they are "unexpectedly" surprised that they didn't get what they wished for. This whole thing is just wishful thinking in my book, without something solid to go from.

Mainstream Media IGNORES Iceland Revolution
  Posted 7 days ago with 96 member flags

Paul says “Next Crisis will be More Destructive”
  Posted 19 days ago with 29 member flags

Nigel Farage: The EU Titanic Has Now Hit The Iceberg
  Posted 18 days ago with 26 member flags

Here Are The 5 Worst Places To Be When The Dollar Collapses
  Posted 4 days ago with 19 member flags

The Coming Canadian Housing Crash
  Posted 14 days ago with 18 member flags

What is *THE* domino you\'re waiting for, and why?
  Posted 7 days ago with 17 member flags

Greece bank run
  Posted 11 days ago with 15 member flags

Facebook insider sales are huge red flags
  Posted 9 days ago with 13 member flags

Newest topics, updated in real-time:

Newest topics getting flags, in real-time:

Newest topics getting replies, in real-time: