New-Home Sales Tumble 45%

[sdduuuude]

[quote=waiting hawk]2009 will make 2008 look like 2007.[/quote]

Filing for future plagarism.

[Arraya]

http://www.bloomberg.com/apps/news?pid=20601087&sid=aaDbGEgTdNog&refer=home

Jan. 29 (Bloomberg) — Sales of new homes in the U.S. fell in December to the lowest level on record, creating an unprecedented glut of unsold properties that casts doubt on any recovery in the industry this year.

Purchases dropped to an annual pace of 331,000, lower than all 70 forecasts in a Bloomberg News survey, Commerce Department figures showed in Washington. Other reports today said orders for durable goods slumped for a fifth month and a record number of Americans were collecting jobless benefits.

The collapse in demand for homes means builders are still constructing a surplus of properties, and signals more pressure on prices. The intensifying crisis will make it harder for President Barack Obama to arrest the industry’s decline with proposed tax breaks and steps to slow mortgage foreclosures.

“Builders are slashing production, but it’s difficult for them to keep up with sales that are falling so fast,” said Nigel Gault, chief U.S. economist at IHS Global Insight, in Lexington, Massachusetts, who at 345,000 had the lowest estimate of economists surveyed. “New homes are getting cheaper, but you can’t get credit so you can’t buy.”

[Arraya]

http://www.bloomberg.com/apps/news?pid=20601087&sid=aaDbGEgTdNog&refer=home

Jan. 29 (Bloomberg) — Sales of new homes in the U.S. fell in December to the lowest level on record, creating an unprecedented glut of unsold properties that casts doubt on any recovery in the industry this year.

Purchases dropped to an annual pace of 331,000, lower than all 70 forecasts in a Bloomberg News survey, Commerce Department figures showed in Washington. Other reports today said orders for durable goods slumped for a fifth month and a record number of Americans were collecting jobless benefits.

The collapse in demand for homes means builders are still constructing a surplus of properties, and signals more pressure on prices. The intensifying crisis will make it harder for President Barack Obama to arrest the industry’s decline with proposed tax breaks and steps to slow mortgage foreclosures.

“Builders are slashing production, but it’s difficult for them to keep up with sales that are falling so fast,” said Nigel Gault, chief U.S. economist at IHS Global Insight, in Lexington, Massachusetts, who at 345,000 had the lowest estimate of economists surveyed. “New homes are getting cheaper, but you can’t get credit so you can’t buy.”

[Arraya]

http://www.bloomberg.com/apps/news?pid=20601087&sid=aaDbGEgTdNog&refer=home

Jan. 29 (Bloomberg) — Sales of new homes in the U.S. fell in December to the lowest level on record, creating an unprecedented glut of unsold properties that casts doubt on any recovery in the industry this year.

Purchases dropped to an annual pace of 331,000, lower than all 70 forecasts in a Bloomberg News survey, Commerce Department figures showed in Washington. Other reports today said orders for durable goods slumped for a fifth month and a record number of Americans were collecting jobless benefits.

The collapse in demand for homes means builders are still constructing a surplus of properties, and signals more pressure on prices. The intensifying crisis will make it harder for President Barack Obama to arrest the industry’s decline with proposed tax breaks and steps to slow mortgage foreclosures.

“Builders are slashing production, but it’s difficult for them to keep up with sales that are falling so fast,” said Nigel Gault, chief U.S. economist at IHS Global Insight, in Lexington, Massachusetts, who at 345,000 had the lowest estimate of economists surveyed. “New homes are getting cheaper, but you can’t get credit so you can’t buy.”

[Arraya]

http://www.bloomberg.com/apps/news?pid=20601087&sid=aaDbGEgTdNog&refer=home

Jan. 29 (Bloomberg) — Sales of new homes in the U.S. fell in December to the lowest level on record, creating an unprecedented glut of unsold properties that casts doubt on any recovery in the industry this year.

Purchases dropped to an annual pace of 331,000, lower than all 70 forecasts in a Bloomberg News survey, Commerce Department figures showed in Washington. Other reports today said orders for durable goods slumped for a fifth month and a record number of Americans were collecting jobless benefits.

The collapse in demand for homes means builders are still constructing a surplus of properties, and signals more pressure on prices. The intensifying crisis will make it harder for President Barack Obama to arrest the industry’s decline with proposed tax breaks and steps to slow mortgage foreclosures.

“Builders are slashing production, but it’s difficult for them to keep up with sales that are falling so fast,” said Nigel Gault, chief U.S. economist at IHS Global Insight, in Lexington, Massachusetts, who at 345,000 had the lowest estimate of economists surveyed. “New homes are getting cheaper, but you can’t get credit so you can’t buy.”

[Arraya]

http://www.bloomberg.com/apps/news?pid=20601087&sid=aaDbGEgTdNog&refer=home

Jan. 29 (Bloomberg) — Sales of new homes in the U.S. fell in December to the lowest level on record, creating an unprecedented glut of unsold properties that casts doubt on any recovery in the industry this year.

Purchases dropped to an annual pace of 331,000, lower than all 70 forecasts in a Bloomberg News survey, Commerce Department figures showed in Washington. Other reports today said orders for durable goods slumped for a fifth month and a record number of Americans were collecting jobless benefits.

The collapse in demand for homes means builders are still constructing a surplus of properties, and signals more pressure on prices. The intensifying crisis will make it harder for President Barack Obama to arrest the industry’s decline with proposed tax breaks and steps to slow mortgage foreclosures.

“Builders are slashing production, but it’s difficult for them to keep up with sales that are falling so fast,” said Nigel Gault, chief U.S. economist at IHS Global Insight, in Lexington, Massachusetts, who at 345,000 had the lowest estimate of economists surveyed. “New homes are getting cheaper, but you can’t get credit so you can’t buy.”

[4plexowner]

“builders are not building anymore”

not true at all – builders build or they aren’t called “builders”, they are called “out of business”

any construction of new homes is excess when we already have 12+ months of supply

~

inre existing home sales:

what’s selling are low end homes and they are primarily being purchased by investors as has been pointed out in other recent threads

when an investor buys a house their is only one sale as opposed to an individual buying a house which often means they have sold or are selling another house (investor – one sale, individual – two sales)

[4plexowner]

“builders are not building anymore”

not true at all – builders build or they aren’t called “builders”, they are called “out of business”

any construction of new homes is excess when we already have 12+ months of supply

~

inre existing home sales:

what’s selling are low end homes and they are primarily being purchased by investors as has been pointed out in other recent threads

when an investor buys a house their is only one sale as opposed to an individual buying a house which often means they have sold or are selling another house (investor – one sale, individual – two sales)

[4plexowner]

“builders are not building anymore”

not true at all – builders build or they aren’t called “builders”, they are called “out of business”

any construction of new homes is excess when we already have 12+ months of supply

~

inre existing home sales:

what’s selling are low end homes and they are primarily being purchased by investors as has been pointed out in other recent threads

when an investor buys a house their is only one sale as opposed to an individual buying a house which often means they have sold or are selling another house (investor – one sale, individual – two sales)

[4plexowner]

“builders are not building anymore”

not true at all – builders build or they aren’t called “builders”, they are called “out of business”

any construction of new homes is excess when we already have 12+ months of supply

~

inre existing home sales:

what’s selling are low end homes and they are primarily being purchased by investors as has been pointed out in other recent threads

when an investor buys a house their is only one sale as opposed to an individual buying a house which often means they have sold or are selling another house (investor – one sale, individual – two sales)

[4plexowner]

“builders are not building anymore”

not true at all – builders build or they aren’t called “builders”, they are called “out of business”

any construction of new homes is excess when we already have 12+ months of supply

~

inre existing home sales:

what’s selling are low end homes and they are primarily being purchased by investors as has been pointed out in other recent threads

when an investor buys a house their is only one sale as opposed to an individual buying a house which often means they have sold or are selling another house (investor – one sale, individual – two sales)

[4plexowner]

“New home sale is supposed to be bad because builders are not building anymore.”

just re-read your post

you are implying that new homes aren’t selling because they don’t exist – well, sorry, but there is a 12 month supply of them

or did I misunderstand you?

[4plexowner]

“New home sale is supposed to be bad because builders are not building anymore.”

just re-read your post

you are implying that new homes aren’t selling because they don’t exist – well, sorry, but there is a 12 month supply of them

or did I misunderstand you?

[4plexowner]

“New home sale is supposed to be bad because builders are not building anymore.”

just re-read your post

you are implying that new homes aren’t selling because they don’t exist – well, sorry, but there is a 12 month supply of them

or did I misunderstand you?

[4plexowner]

“New home sale is supposed to be bad because builders are not building anymore.”

just re-read your post

you are implying that new homes aren’t selling because they don’t exist – well, sorry, but there is a 12 month supply of them

or did I misunderstand you?

[Author]

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