New Home Sales Plunge

#59
#59
droski said:
i tried to explain this to my sister who was desperate to get in under the window, but she bought a place anyway. my fiance and i have been looking for a house and every virtually one listed has had the price lowered from the initial price. i'm thinking a drop in housing is a certainty with unemployment this high. i bet august/sept are going to be very good times to buy a house.
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Correct. This is another example of the abject failure of command economics whether pure socialism or Keynesian.

The left can never see tax cuts as a good thing but tax cuts give the people who are in the best position to make the economic decisions that will pull us out of this malaisse the money to do it.

There is still alot of potential energy for a hot recovery in our economy... but the longer the Dems and Obama keep squelching it with new spending programs, tax increases (or threats), new regulations, more debt, etc... the more steam is leaving the system.

Knowing this, I wouldn't be surprised to see the Dems announce a short term extension of most or all of Bush's tax cuts in late summer or early fall in an effort to excite the market and improve their chances of winning in the fall.

It is remarkable the number of Bush policies and people that Obama has learned to appreciate since taking office... This could be one more of them.
 
#60
#60
sjt18 said:
Knowing this, I wouldn't be surprised to see the Dems announce a short term extension of most or all of Bush's tax cuts in late summer or early fall in an effort to excite the market and improve their chances of winning in the fall.

It is remarkable the number of Bush policies and people that Obama has learned to appreciate since taking office... This could be one more of them.
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Ironic that they may rely on the "failed policies of the last decade"....
 
#63
#63
nope didn't feel anything.

i'd be shocked if home prices went anywhere but down i the next 3 months. i imagine sales will remain low until people realize how the demand has changed and lower their prices.
 
#64
#64
volinbham said:
Ironic that they may rely on the "failed policies of the last decade"....
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I would be more excited about re-instituting the Bush economic policies if they were paired with spending cuts like they should have been.
 
#65
#65
VolsNSkinsFan said:
as for the drop, one month does not make a trend. I expect home sales to slowly pick up
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When you stop paying people to buy houses they can't afford they stop buying houses they can't afford. I won't be surprised to see another Home-buyers Housing Act to come around and restart the gravy train.
 
#66
#66
lumberjack4 said:
When you stop paying people to buy houses they can't afford they stop buying houses they can't afford. I won't be surprised to see another Home-buyers Housing Act to come around and restart the gravy train.
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That gravy train isn't worth the pain the government puts you through to get it.

I have interacted with the IRS 6 times over the proof of purchasing a house last July. They don't seem like they are going to give up that $8K tax credit.
 
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