Weak new-home sales raise fear of faltering housing recovery

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Weak new-home sales raise fear of faltering housing recovery

Post  fshnski on Fri Aug 23, 2013 1:59 pm

The number of new home sales dropped in July to the lowest level in nine months, raising fears that rising mortgage rates are slowing progress in the housing market.

The Census Bureau and Department of Housing and Urban Development reported Friday that 394,000 new single-family homes were sold in July, down 13.4 percent from June’s rate, although up 6.8 percent from a year ago. Analysts expected 487,000 new home sales.

The news of the steep drop-off follows a Wednesday report from the National Association of Realtors that showed existing home sales rising steeply in July to 5.39 million, a 6.5 percent increase from the month before and a 17 percent increase from the year before. NAR’s chief economist Lawrence Yun attributed the sharp increase to the highest mortgage rates in two years “pushing some buyers off the sidelines,” fearing that rates may climb further.

http://washingtonexaminer.com/weak-new-home-sales-raise-fear-of-faltering-housing-recovery/article/2534631
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Re: Weak new-home sales raise fear of faltering housing recovery

Post  News Buzzard on Fri Aug 23, 2013 2:12 pm

New home sales up 6.8% from a year ago and existing home sales up 6.5% over last month. That doesn't lead me to assume a faltering housing recovery!

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Re: Weak new-home sales raise fear of faltering housing recovery

Post  fshnski on Fri Aug 23, 2013 2:13 pm

Whatever
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Re: Weak new-home sales raise fear of faltering housing recovery

Post  News Pigeon on Fri Aug 23, 2013 2:26 pm

South Florida is experiencing a housing sales boom like that of 2005...I don't like it much but it tells me money is circulating for some.
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Treasury Bonds Boosted by Weak New Home Sales

Post  fshnski on Fri Aug 23, 2013 2:29 pm

Treasury bonds got a boost Friday as a housing report showed rising bond yields have taken a bite out of the housing market.

In recent trading, the benchmark 10-year note rose by 9/32 in price, yielding 2.868%, according to Tradeweb. Bond prices rise when their yields fall. The yield serves as a benchmark for long-term borrowing cost for U.S. consumers and businesses

Sales of newly built homes fell sharply in July by 13.4% to the lowest level in nine months, raising concerns over the growth momentum in housing, which has shown signs of turning a corner this year.

http://online.wsj.com/article/BT-CO-20130823-707508.html
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Re: Weak new-home sales raise fear of faltering housing recovery

Post  News Buzzard on Fri Aug 23, 2013 2:53 pm

News Pigeon wrote:South Florida is experiencing a housing sales boom like that of 2005...I don't like it much but it tells me money is circulating for some.
There are folks descending on Long Island and New Jersey with bushels full of money to buy up homes damaged by Hurricane Sandy. You wouldn't believe all of the home raising and building that's going on, much of it with cash!!      What recession???

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Re: Weak new-home sales raise fear of faltering housing recovery

Post  Outerlimits on Fri Aug 23, 2013 3:35 pm

News Buzzard wrote:There are folks descending on Long Island and New Jersey with bushels full of money to buy up homes damaged by Hurricane Sandy. You wouldn't believe all of the home raising and building that's going on, much of it with cash!!      What recession???
They are called vultures. They pick the remaining meat of the carcass. They can be seen at your local Stop and Shop today.

During the Bush years, I did not know people personally hurt by the economy. I can’t say the same today. I am someone that actually who has savings and I had more of it under Bush but more importantly the dollar had more purchasing power than it does today. Anyone who has worked hard for a savings is seeing it shrink. Anyone with budgeted retirement is also watching it go.

New grads can’t find full time employment and they won’t be able to pay back their student loans.

You know the loans now held by the Federal Government? Who will take the loss?

I know Doctors that don't want their practices anymore. Why is that? You know why. Stop the excuses, to anyone with any intelligence, it just pisses us off. This economy is going nowhere, and getting worse. I am sick of hearing the bull Obama and his cronies are selling

The Obama pom-pom squad forgets all the 'hope' and faith they put in the man. They forget how they championed him because he said he would turn it all around; he would bring jobs, prosperity, be transparent, cut the deficit in half, and create jobs and economic growth. The Obama pom-pom squad promised us the moon, and when all we get it a steaming dog turd, they make excuses.

Yeah Obama is not responsible for the entire mess, but don’t claim he has made things better.

#1 When Barack Obama entered the White House, 60.6 percent of working age Americans had a job. Today, only 58.7 percent of working age Americans have a job.

#2 Since Obama has been president, seven out of every eight jobs that have been "created" in the U.S. economy have been part-time jobs.

#3 The number of full-time workers in the United States is still nearly 6 million below the old record that was set back in 2007.

#4 53 percent of all American workers now make less than $30,000 a year.

#5 40 percent of all workers in the United States actually make less than what a full-time minimum wage worker made back in 1968.

#6 When the Obama era began, the average duration of unemployment in this country was 19.8 weeks. Today, it is 36.6 weeks.

#7 During the first four years of Obama, the number of Americans "not in the labor force" soared by an astounding 8,332,000. That far exceeds any previous four year total.

#8 According to the U.S. Census Bureau, the middle class is taking home a smaller share of the overall income pie than has ever been recorded before.

#9 When Obama was elected, the homeownership rate in the United States was 67.5 percent. Today, it is 65.0 percent. That is the lowest that it has been in 18 years.

#10 When Obama entered the White House, the mortgage delinquency rate was 7.85 percent. Today, it is 9.72 percent.

#11 In 2008, the U.S. trade deficit with China was 268 billion dollars. Last year, it was 315 billion dollars.

#12 When Obama first became president, 12.5 million Americans had manufacturing jobs. Today, only 11.9 million Americans have manufacturing jobs.

#13 Median household income in America has fallen for four consecutive years. Overall, it has declined by over $4000 during that time span.

#14 The poverty rate has shot up to 16.1 percent. That is actually higher than when the War on Poverty began in 1965.

#15 During Obama's first term, the number of Americans on food stamps increased by an average of about 11,000 per day.

#16 When Barack Obama entered the White House, there were about 32 million Americans on food stamps. Today, there are more than 47 million Americans on food stamps.

#17 At this point, more than a million public school students in the United States are homeless. This is the first time that has ever happened in our history. That number has risen by 57 percent since the 2006-2007 school year.

#18 When Barack Obama took office, the average price of a gallon of regular gasoline was $1.85. Today, it is $3.53.

#19 Electricity bills in the United States have risen faster than the overall rate of inflation for five years in a row.

#20 Health insurance costs have risen by 29 percent since Barack Obama became president, and Obamacare is going to make things far worse.

#21 The United States has fallen in the global economic competitiveness rankings compiled by the World Economic Forum for four years in a row.

#22 According to economist Tim Kane, the following is how the number of startup jobs per 1000 Americans breaks down by presidential administration...

Bush Sr.: 11.3

Clinton: 11.2

Bush Jr.: 10.8

Obama: 7.8

#23 In 2008, that total amount of student loan debt in this country was 440 billion dollars. At this point, it has shot up to about a trillion dollars.

#24 According to one recent survey, 76 percent of all Americans are living paycheck to paycheck.

#25 During Obama's first term, the number of Americans collecting federal disability insurance rose by more than 18 percent.

#26 The total amount of money that the federal government gives directly to the American people has grown by 32 percent since Barack Obama became president.

#27 According to the Survey of Income and Program Participation conducted by the U.S. Census, well over 100 million Americans are enrolled in at least one welfare program run by the federal government.

#28 American households are now receiving more money directly from the federal government than they are paying to the government in taxes.

#29 Under Barack Obama, the velocity of money (a very important indicator of economic health) has plunged to a post-World War II low.

#30 At the end of 2008, the Federal Reserve held $475.9 billion worth of U.S. Treasury bonds. Today, Fed holdings of U.S. Treasury bonds have skyrocketed past the 2 trillion dollar mark.


When you break it down, the amount of new debt accumulated by the U.S. government during Obama's first term comes to approximately $50,521 for every single household in the United States.

Are you able to pay your share?
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Re: Weak new-home sales raise fear of faltering housing recovery

Post  News Buzzard on Fri Aug 23, 2013 3:56 pm

Outerlimits wrote:During the Bush years, I did not know people personally hurt by the economy.
WHAT?

How about the 8 million people who lost their jobs as a result of the disastrous Bush economy? The clock didn't stop running when Obama stepped into the White House! We're going to be paying for Bush for years to come!

Blame Obama! It's the easy way out!!!Rolling Eyes 

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Re: Weak new-home sales raise fear of faltering housing recovery

Post  fshnski on Fri Aug 23, 2013 5:36 pm

Accept everything. That's the easy way out.
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Re: Weak new-home sales raise fear of faltering housing recovery

Post  WHL on Fri Aug 23, 2013 6:32 pm

Fsh, they obviously hear very different news than we do. I heard on Channel 9 tonight about the housing being down in July just as you did, and Channel 9 is not a conservative station.

Outer, I never knew people who were hurting during the Bush years either, but I know lots now!
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Re: Weak new-home sales raise fear of faltering housing recovery

Post  News Hawk on Sat Aug 24, 2013 2:35 am

WHL wrote:"...Outer, I never knew people who were hurting during the Bush years either, but I know lots now...!"
A well-respected auto repair shop in Wolfeboro is hearing the same lament to his failed hiring of a new mechanic:

"Having a job isn't worth it any longer".

No 

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Re: Weak new-home sales raise fear of faltering housing recovery

Post  News Hawk on Thu Jan 14, 2016 8:39 am

News Buzzard wrote:
Outerlimits wrote:During the Bush years, I did not know people personally hurt by the economy.
WHAT?

How about the 8 million people who lost their jobs as a result of the disastrous Bush economy? The clock didn't stop running when Obama stepped into the White House! We're going to be paying for Bush for years to come!

Blame Obama! It's the easy way out!!!Rolling Eyes 


In the economy Obama says has recovered, actually just 7% of counties have
During his State of the Union address, the President said that the United States has "the strongest, most durable economy in the world." It was a clear shot across the bow at those who might not be feeling the love at the moment and critics who don’t see things through rose colored glasses. So how is the recovery going? The unemployment rate as defined by the Department of Labor is certainly back down to a manageable number, but that doesn’t really speak to the factors which affect people in their day to day lives.

The Wall Street Journal took at look at the data this week (assembled by the National Association of Counties) and they arrived at a somewhat different conclusion. They examined factors including the total number of people who are actually working, wages and property values. Broken down by county, not even 10% of the nation is back where it was before the crash of 2007 and 2008.

More than six years after the economic expansion began, 93% of counties in the U.S. have failed to fully recover from the blow they suffered during the recession.

Nationwide, 214 counties, or 7% of 3,069, had recovered last year to prerecession levels on four indicators: total employment, the unemployment rate, size of the economy and home values, a study from the National Association of Counties released Tuesday found…

Hey, but at least some of the counties have recovered, so that’s good, right? Barack Obama clearly seems to be willing to take credit for that. But where did the decent bits of recovery really take place? Anyone who’s been paying attention to the news won’t be shocked at these figures.

As was the case in 2014, when just 65 counties had fully recovered, most of those that bounced back are in states benefiting from the energy boom. Last year, 72 of the recovered counties were in Texas, the most of any state. Nebraska followed with 22. Minnesota, Kentucky, North Dakota, Montana and Kansas each had at least 10 fully recovered counties.

Meanwhile, in 27 states, not a single county had fully recovered.
Hot Air

Someone's not telling the truth!

...and it's Bush's Fault​™...!

No

.

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