New home sales hit record low in January

[Michael Larson]

New home sales hit record low in January

By Martin Crutsinger, AP Economics Writer , On Wednesday February 24, 2010, 10:32 am

WASHINGTON (AP) -- Sales of new homes plunged to a record low in January, underscoring the formidable challenges facing the housing industry as it tries to recover from the worst slump in decades.

The Commerce Department reported Wednesday that new home sales dropped 11.2 percent last month to a seasonally adjusted annual sales pace of 309,000 units, the lowest level on records going back nearly a half century.

The big drop was a surprise to economists who had expected sales would rise about 5 percent over December's pace.

[Joe Funderburk, CMI]

As someone on this forum once famously said, "Who gets the credit for the turnaround?"

[Michael R. Boyett]

And used home loan demand dropped to a 13 year low according to CNBC.

[Michael Larson]

Where's the recovery guys?

[kpierce]

Originally Posted by mlarson

Where's the recovery guys?

Have you changed your piss filled pants yet after reading that headline? I can only imagine the sheer excitement on your face fumbling around the keyboard and collapsing into your chair when finally clicking the post button. How sad that you feed off the doom and gloom of our great nation.

[cjustason]

Originally Posted by kpierce

Have you changed your piss filled pants yet after reading that headline? I can only imagine the sheer excitement on your face fumbling around the keyboard and collapsing into your chair when finally clicking the post button. How sad that you feed off the doom and gloom of our great nation.

Hmmm Are you angry that a fact was brought to attention?

[kpierce]

Originally Posted by cjustason

Hmmm Are you angry that a fact was brought to attention?

No anger here. Just sympathy.

[Gary Farnsworth]

And the stock market actually went up today over 91 points. It seems all fake.

[ldapkus]

Originally Posted by kpierce

Have you changed your piss filled pants yet after reading that headline? I can only imagine the sheer excitement on your face fumbling around the keyboard and collapsing into your chair when finally clicking the post button. How sad that you feed off the doom and gloom of our great nation.

Mike, do you have pee pee issues?

[Michael Larson]

Originally Posted by ldapkus

Mike, do you have pee pee issues?

Not me.

I think Kevin has me confused with some one in Florida.

[David A. Selman]

This is one messed up industry! On one hand we have the doom report from Michael and, on the other hand, there was a report in the Dallas paper that home sales for January 2010 grew by 3% over 2009.

Last week I did five inspections, this week I have been wondering if the phone works....

[Michael Larson]

Originally Posted by dselman

This is one messed up industry! On one hand we have the doom report from Michael and, on the other hand, there was a report in the Dallas paper that home sales for January 2010 grew by 3% over 2009.

Last week I did five inspections, this week I have been wondering if the phone works....

Hi Davis,

There are always parts of the country that outpreform or under preform the rest of the country.

Watch the overall trends.

[Joe Funderburk, CMI]

Originally Posted by dselman

Last week I did five inspections, this week I have been wondering if the phone works....

I here ya. Last week, I made just $300. The phone didn't ring.

Last month, just 14 inspections.

This week, 5 inspections (1 commercial job). Good week, considering all, this week.

[Jeffery L. Haynes]

Originally Posted by gfarnsworth

And the stock market actually went up today over 91 points. It seems all fake.

The stock market is in another bubble.....which was created by the government (Bush but mostly Obama) bailing Wall Street out of this fiasco.

The sad hard facts are that the economy will not recover until;
1. we get through all the foreclosures which will be ongoing for several years
2. over abundance of existing homes are sold
3. small business can get loans to invest in their projects.

Right now none of the above is happening........ which is why this is all a smoke and mirror game of which the current administration is responsible.

Instead of actually working on the economy, Obama and the democrats keep trying to push social heath care through which will do nothing but but us further indebt......simply because it force the the tax payers to carry the burden of those who mostly are lazy and worthless.

What is pathetic is that the democrats control the white house and both legislative houses......yet they still cant get their social agenda accomplish........most likely because many of them know it will cost this come Nov 10'

I do not know of any builders in my area that are building anything of significance to keep other small businesses going and those track builders that are selling are basically giving their homes away.

It is going to be a very rocky ride for the next several years...... probably 4 4 - 5 years if not more. The best thing that can happen this year is that the democrat loose congress which will result in pretty much a stalemate............that is a good thing........it keeps both parties from doing their stupid usual crap.

[Michael Larson]

Dow is down 151 so far today.

The stock market is poor indicator of the health of the economy in these uncertain times.

I've never seen new building at such a low level as it is now in my area.

More and more strip malls stalls are available but no one is buying/renting.