US New Home Sales – Not
Purchases of new homes in the US declined to the lowest level EVER in February, and house prices dropped to the lowest level in over eight years. You know what that means, don’t you? The DOW will be in the green to the tune of 150 points today:
Sales decreased 16.9 percent to a 250,000 annual pace, figures from the Commerce Department showed today in Washington. Economists surveyed by Bloomberg News projected a gain to a 290,000 rate, according to the median estimate. The median price fell 8.9 percent from the same month in 2010.
The article goes on to explain that the housing market continues to blow and suck while the rest of the economy improves. Which isn’t happening either.
The Mayor would love to you that everything is roses and sunshine and that a smiling group of purple unicorns happened upon my kitchen window this morning and I fed them a plate of whole grains and a large bowl of fair trade milk. But most of that didn’t happen, those unicorns weren’t smiling at all.
Lies of that magnitude are reserved for the vermin that infest the airways on a daily basis telling us the economy is booming, the stock market is indicative of said booming economy, and they are always “shocked” when news like today’s housing numbers come in. They are “shocked” every month, month after month after month after month after month after month after month after month.
One of the many grim statistics about the housing market is that 10% of all “homeowners” are in foreclosure. Meaning, every 10 houses you drive by there is 1 family not paying their mortgage. They are mortgage free in a sense. Couple that with the glut of housing on the market - YEARS worth – of gluttage, as well as unemployment that’s around the 20% mark, and yet the experts are “shocked” that sales decreased. Shocked!
The Mayor isn’t shocked at all, then again, I’m not an expert.
March 23rd, 2011 at 4:54 pm
Yes, just like only the experts are shocked Obama loves America in debt, doesn’t know how to lead, and will be the worst President in history.
Stupid people knew.
March 23rd, 2011 at 7:31 pm
Seems a lot of stupid people figured out the truth long ago. Man, glad I’m not smart.
March 24th, 2011 at 5:40 pm
Yeah, it keeps getting worse and worse in my industry. Right now it looks like 2015 before it will turn around. And wait until the end of June.