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.
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. :neutral:
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;
we get through all the foreclosures which will be ongoing for several years
over abundance of existing homes are sold
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.
My brother is a contractor, and an InterNACHI member. It is rare that both residential and commercial business is way down. Usually it is one or the other. When residential is up, commerical is down, and vice-versa. Not this year.
Not sure if it was Michael that said the the stock market is not a good indicator of the economy…which I agree…however the construction industry is.
Those of us who are still in the construction industry will be the first to tell you that the economy is no where near turning around. One would have to go back to the Great Depression to get anywhere close nationwide. Yes, there are small pockets here and there that may show some small gains however overall, it will continue to get worse for several years…and yet Obama is more interested in spending another 1 - 2 trillion in health care of which will do nothing but hurt the economy…yep this is the type of hope and change we need…NOT.
If someone is spending 1-2 trillion, it is eventually going into the economy…unless you’re spending your healthcare $$$$$$ outside the US. When no one is spending, you have a problem!!!
I’ve always wondered why people think that government spent $$$$$$ are lost and disappear into a black hole, never to be seen again!! The government must buy supplies, services and pay employees…does all this money leave the US or circulate into local economies??? If the government is misspending the money or not being transparent about its spending, get involved…**you are the government…they’re your elected representatives!!! **
You may not get to spend all your earned $$$$$ (due to taxes) on the trinkets you desire, hopefully the gov is spending the $$$$ on the things you need like health care, policing, schools, roads, fire protection, environmental protection, etc.
In North America we live in 2 of the best countries in the world but continue to b_tch, whine and complain because we can’t have it all, right now. Personal greed got us into a world wide state of financial uncertainty…doesn’t that tell you something???