Home sales continue plunge

[Arraya]

http://money.cnn.com/2010/08/24/real_estate/existing_home_sales/index.htm?hpt=T1

NEW YORK (CNNMoney.com) — With home sales plunging to their lowest level in 15 years, economists warn that a double-dip in housing prices is just around the corner, threatening to further slow the overall recovery.

Existing home sales sank 27.2% in July, twice as much as analysts expected, to a seasonally adjusted annual rate of 3.83 million units. Much of that drop is attributed to the end of the $8,000 homebuyer tax credit.

That credit brought buyers out in droves, as they tried to sign home contracts before the April 30 deadline. Now, two months later, sales are 34% below April’s tax incentive-induced peak.

[NotCranky]

Why buy when you can force the government to come up with more freebies?

[NotCranky]

Why buy when you can force the government to come up with more freebies?

[NotCranky]

Why buy when you can force the government to come up with more freebies?

[NotCranky]

Why buy when you can force the government to come up with more freebies?

[NotCranky]

Why buy when you can force the government to come up with more freebies?

[Arraya]

[quote=Russell]Why buy when you can force the government to come up with more freebies?[/quote]

lol… It’s a conspiracy of potential borrowers – very george chamberlain-esque

[Arraya]

[quote=Russell]Why buy when you can force the government to come up with more freebies?[/quote]

lol… It’s a conspiracy of potential borrowers – very george chamberlain-esque

[Arraya]

[quote=Russell]Why buy when you can force the government to come up with more freebies?[/quote]

lol… It’s a conspiracy of potential borrowers – very george chamberlain-esque

[Arraya]

[quote=Russell]Why buy when you can force the government to come up with more freebies?[/quote]

lol… It’s a conspiracy of potential borrowers – very george chamberlain-esque

[Arraya]

[quote=Russell]Why buy when you can force the government to come up with more freebies?[/quote]

lol… It’s a conspiracy of potential borrowers – very george chamberlain-esque

[briansd1]

[quote=Arraya][quote=Russell]Why buy when you can force the government to come up with more freebies?[/quote]

lol… It’s a conspiracy of potential borrowers – very george chamberlain-esque[/quote]

I believe that the mentality of the buyers is still very much that when real estate picks up it will appreciate like it did before. That’s why people spend so much on housing.

When that mentality resets in a generational shift, we’ll see an commensurate adjustment in prices.

Housing will eventually recover from its great swoon. But many real estate experts now believe that home ownership will never again yield rewards like those enjoyed in the second half of the 20th century, when houses not only provided shelter but also a plump nest egg.

[briansd1]

[quote=Arraya][quote=Russell]Why buy when you can force the government to come up with more freebies?[/quote]

lol… It’s a conspiracy of potential borrowers – very george chamberlain-esque[/quote]

I believe that the mentality of the buyers is still very much that when real estate picks up it will appreciate like it did before. That’s why people spend so much on housing.

When that mentality resets in a generational shift, we’ll see an commensurate adjustment in prices.

Housing will eventually recover from its great swoon. But many real estate experts now believe that home ownership will never again yield rewards like those enjoyed in the second half of the 20th century, when houses not only provided shelter but also a plump nest egg.

[briansd1]

[quote=Arraya][quote=Russell]Why buy when you can force the government to come up with more freebies?[/quote]

lol… It’s a conspiracy of potential borrowers – very george chamberlain-esque[/quote]

I believe that the mentality of the buyers is still very much that when real estate picks up it will appreciate like it did before. That’s why people spend so much on housing.

When that mentality resets in a generational shift, we’ll see an commensurate adjustment in prices.

Housing will eventually recover from its great swoon. But many real estate experts now believe that home ownership will never again yield rewards like those enjoyed in the second half of the 20th century, when houses not only provided shelter but also a plump nest egg.

[briansd1]

[quote=Arraya][quote=Russell]Why buy when you can force the government to come up with more freebies?[/quote]

lol… It’s a conspiracy of potential borrowers – very george chamberlain-esque[/quote]

I believe that the mentality of the buyers is still very much that when real estate picks up it will appreciate like it did before. That’s why people spend so much on housing.

When that mentality resets in a generational shift, we’ll see an commensurate adjustment in prices.

Housing will eventually recover from its great swoon. But many real estate experts now believe that home ownership will never again yield rewards like those enjoyed in the second half of the 20th century, when houses not only provided shelter but also a plump nest egg.

[Author]

Posts