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Existing Home Sales Hit 15-Year Low; Housing Market Weakens

VanceMack

Less like the tiger...more like the lion.
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Not good, Maverick...

"Sales of previously owned U.S. homes dropped more steeply than expected in July to their lowest pace in 15 years, an industry group said Tuesday, implying further loss of momentum in the economic recovery.

The National Association of Realtors said sales dropped a record 27.2 percent from June to an annual rate of 3.83 million units, the lowest level since May 1995. June's sales pace was revised down to a 5.26 million-unit pace.

The record drop in existing U.S. home sales in July showed that the country must still do more to improve the economy, White House spokesman Bill Burton said Tuesday."
News Headlines

Ya think???

The housing market WILL NOT CHANGE unless it is allowed to correct itslef...unless the bottom literally is allowed to fall out on housing prices.
 
More evidence that Keynesian solutions to economic downturns are bunk.
 
What we have here folks is a DEPRESSION.
And should think any different just watch the Stock market slide downward past whatever bottom you might have imagined it would reach.
 
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There are 3 administrations you can blame for this: Clinton, Bush, and Obama.
 
jujuman13 said:
What we have here folks is a DEPRESSION.
And should think any different just watch the Stock market slide downward past whatever bottom you might have imagined it would reach.
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So things are going to change suddenly? I don't know what planet you live on but even with some jumps and falls the stock market seems to be doing quite well while the rest of the economy sags behind.
 
EnigmaO01 said:
So things are going to change suddenly? I don't know what planet you live on but even with some jumps and falls the stock market seems to be doing quite well while the rest of the economy sags behind.
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Define suddenly. The housing market started to slide in 2007. the job market in 2008. The current crop of clowns have had control of the house and senate for 4 years. At some point thinking people MIGHT consider that SOMETHING has to change. Hell. blame Reagan...blame Nixon. Blame Canada. At some point you have to actually FIX the problem.

First and foremost they need to let the market correct itself. Prices have to come down to affordable levels. banks need to be left to fix their messes...not the government. Incentive needs to be made to bring industrial jobs back. Government spending needs to be radically curtailed. Directed change has to happen because like it or not...change IS coming...
 
VanceMack said:
The housing market WILL NOT CHANGE unless it is allowed to correct itslef...unless the bottom literally is allowed to fall out on housing prices.
Click to expand...

Exactly.

It's not 'weakening', it's just resetting itself back to normal.
 
danarhea said:
There are 3 administrations you can blame for this: Clinton, Bush, and Obama.
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Actually...it was the economic policies of Reagan that resulted in the mass exodus of manufacturing jobs in this country. What we are really seeing is the results of Reaganomics and his huge tax cuts for the wealthy.
Reagan and Bush, like him, believed that "trickle down economics" was the way to go. The problem is.....when the wealthy are given huge tax cuts and corporate welfare, they tend to hoard it, not put it back into the economy so that it "trickles down". Until we address THAT issue and implement incentives to bring manufacturing jobs back to this country, we will continue to struggle.
Obama has tried, but didn't have the backbone to follow through and the wimpy Democrats and the "party of no" aren't going to take the initiative at their own expense.
 
Middleground said:
You forgot Reagan. He's the Godfather.
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Care to explain how Reagan is to blame? Or did you think that there were too many Libbo presidents to blame and had to throw Reagan into the mix, because you'r from Canada and know all about what has gone on in America for the past 30 odd years?
 

You might have better luck explaining how we went from an economy with virtual zero unemployment in many states, 5% nationwide prior to 2006 and then to 10% just 3 years after the democrats took control of congress. The democrats have passed EVERY piece of legislation to be set before Bush or Obama since January 2007. 45 months.

Look...if they cant handle the job they should just admit it. Quit. Im not even saying give the rpublicans control...Im saying every congressman should quit and we should elect all new representation.

OR...you can keep blaming a president from 30 years ago. THATS AWESOME!!! :lamo
 

Close you eyes to it....thats fine. But if you study history you will see that the economic power of this country has been steadily declining since Reagan's deregulation and policies that encouraged companies to ship jobs overseas. Don't take my word for it, take a look at the economic history of this country.
 
EnigmaO01 said:
So things are going to change suddenly? I don't know what planet you live on but even with some jumps and falls the stock market seems to be doing quite well while the rest of the economy sags behind.
Click to expand...

So far we have been in a trading range for the dow of between 10,000 up to about 10,600. Once it reaches one of those it goes up or down accordingly. Dow just dipped under 10,000 and there will be up and down days, but it may for about the 6 time go back up to that resistance level. In other words, nothing has changed.
 
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