New home sales hit record low in January

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.

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

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

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. :neutral:

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

No anger here. Just sympathy.

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

Mike, do you have pee pee issues?

Not me. :slight_smile:

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

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.

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.

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.

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.

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.

Same here in detroit area,not so good,work comes in spurts

I talked to two of my suppliers today and both said business is dead. Delivery trucks are just sitting in the yard, stores are empty but they are quoting some jobs.

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???