New-home sales fall, 2011 could be worst year yet

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New-home sales fall, 2011 could be worst year yet

ales fell 0.7 pct. in July.; 2011 shaping up to be worst on records dating back 50 years

WASHINGTON (AP) -- The number of people who bought new homes fell for the third straight month in July, putting sales on track to finish this year as the worst on records dating back half a century.

http://finance.yahoo.com/news/Newhome-sales-fell-07-percent-apf-3845011766.html

many liberals blamed bush a few years ago....will they also blame obama or does he get a pass?

personally, i believe the president doesn't have that much control over the entire housing market. but i'm sure the liberals who blamed bush will not blame obama.
 
my opinion is that the real estate market is still correcting itself and it is now harder to obtain financing. both issues lead to lower home buying.
 
President Mittens said:
It won't correct itself for another 6 years.
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in certain markets that is definitely possible. most of the coastal areas of california are close to reaching the correction. at least that is my observation and iirc i read an article from some econ guy out of UCSB that said it is highly likely we will hit bottom this year, maybe next year. inland california is still crazy, though many people with liquidity are buying up property on the cheap.
 
Yurt said:
in certain markets that is definitely possible. most of the coastal areas of california are close to reaching the correction. at least that is my observation and iirc i read an article from some econ guy out of UCSB that said it is highly likely we will hit bottom this year, maybe next year. inland california is still crazy, though many people with liquidity are buying up property on the cheap.
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That's why I'm syaing it'll be 6 years. Bottom will be reached in 1 1/2 to 2 1/2 years. Then it'll go up again.
 
Yurt said:
New-home sales fall, 2011 could be worst year yet

ales fell 0.7 pct. in July.; 2011 shaping up to be worst on records dating back 50 years

WASHINGTON (AP) -- The number of people who bought new homes fell for the third straight month in July, putting sales on track to finish this year as the worst on records dating back half a century.

http://finance.yahoo.com/news/Newhome-sales-fell-07-percent-apf-3845011766.html

many liberals blamed bush a few years ago....will they also blame obama or does he get a pass?

personally, i believe the president doesn't have that much control over the entire housing market. but i'm sure the liberals who blamed bush will not blame obama.
Click to expand...

The media will give him a pass, because he is mentally challenged.
 
I remember telling the massachusets guy in like 2006 that prices would correct and prob go below trendline. I think he was talking about buying rental real estate with like zero down.
chap something or other was the guy
 
Housing starts follow household formation and household formation is at historic lows. So the question you are asking, Yurt, is whether it is Barack Obama's fault that household formation is at historic lows? I don't really think it's his fault, but he could be doing a hell of a lot more to make it better.
 
David St. Hubbins said:
Housing starts follow household formation and household formation is at historic lows. So the question you are asking, Yurt, is whether it is Barack Obama's fault that household formation is at historic lows? I don't really think it's his fault, but he could be doing a hell of a lot more to make it better.
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i'm only asking the liberals who blamed bush for the housing crisis a few years ago. were you one of those liberals?

what could obama do better?
 
Housing prices went up from 1960 to 2006 at around 6%, I don't think annual increases above that will be routine for a decade or two nataionally.
 
Yurt said:
New-home sales fall, 2011 could be worst year yet

ales fell 0.7 pct. in July.; 2011 shaping up to be worst on records dating back 50 years

WASHINGTON (AP) -- The number of people who bought new homes fell for the third straight month in July, putting sales on track to finish this year as the worst on records dating back half a century.

http://finance.yahoo.com/news/Newhome-sales-fell-07-percent-apf-3845011766.html

many liberals blamed bush a few years ago....will they also blame obama or does he get a pass?

personally, i believe the president doesn't have that much control over the entire housing market. but i'm sure the liberals who blamed bush will not blame obama.
Click to expand...


But you can still blame Bush for this, since it is the hangover from the bursting of the bubble and the recession.
 
David St. Hubbins said:
But you can still blame Bush for this, since it is the hangover from the bursting of the bubble and the recession.
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thank you hack. you never disappoint. obama isn't responsible despite being in office 2.5 years and somehow, bush is so powerful, he is still to blame for the housing today.

if you're not kidding, hard to tell with you, then you without a doubt a huge obama ass kisser.
 
Yurt said:
thank you hack. you never disappoint. obama isn't responsible despite being in office 2.5 years and somehow, bush is so powerful, he is still to blame for the housing today.

if you're not kidding, hard to tell with you, then you without a doubt a huge obama ass kisser.
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I'm just saying that it isn't too hard to blame this on Bush if you really wanted to. If you blame Bush for the housing bubble, it's only natural to blame Bush for the decline in new home starts and sales. Where the bubble was associate with new home starts outpacing new household formation, one would expect new home starts and sales to drop after the bubble bursts and where new household formation is also on the decline. One follows from the other.
 
Yurt said:
thank you hack. you never disappoint. obama isn't responsible despite being in office 2.5 years and somehow, bush is so powerful, he is still to blame for the housing today.

if you're not kidding, hard to tell with you, then you without a doubt a huge obama ass kisser.
Click to expand...

That doesn't make him a hack. Anyone blaming anyone needs to show causality. You seem to think there is a magical cutoff that, once passed, means that the current Prez is "to blame." There is no logic to that.
 
Also, the decline in new housing sales is probably a good thing overall. Yes, it sucks for construction workers, but not for homeowners. It represents a decline new housing starts and a curb on the oversupply of housing that, if continued, would depress prices further than they already are. It means existing stock is being bought up.
 
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