Home sales plunge 27 pct. to lowest in 15 years

Summer of Recovery!

 

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And the sad thing is, my inexpert opinion is that they are still overpriced -- and will continue to be so for a long time.

 

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Yes it is recovery as proven in with the numbers. Does recovery mean everything is ideal? No. You keep expecting Obama to pull out his magic wand. This is reality, not fantasy. It is time to get real and put your shoulder to the wheel and do your part.

What have you done in the last 60 days to help the nation?

 

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It is not proven in the numbers, which is a tacit point of this thread topic: IE the housing numbers suck. So, too, do employment numbers, trade deficits, etc.

 

You are loyal.


The current situation was created by thirty years of stupidity and the next recession will probably be worse than this one.

Obama has no magic wand. But with 20 20 hind sight what would Obama have done differently if he was president when Clinton was president? I can't see that Obama has any understanding of how Clinton's economic policy was wrong and helped create the current recession.

 

hahaha nice attempt at pulling off a JFK: "What have YOU done to help your country?"

Well, joe, I work for a living, pay taxes, my medical insurance, all my bills, give to charity, and am resposible for myself and my family.

What have YOU done? And more importantly what does your question have to do with the topic? Good deeds dont = better housing market.

Face the numbers joe.

 

I predict that Joe is scrambling to try to find other numbers so he can begin his defense of the economy.

 

LOL, you are funny.

I suppose you know how economic growth is measured? It is something called the GDP.

http://www.bea.gov/newsreleases/national/gdp/gdpnewsrelease.htm

Readem and weep.

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The economy is growing as opposed to shrinking at a 6 perecent rate when Obama came to the presidency last year.

Not so sorry to burst your bubble.

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LOL, well I have worked, paid all of my bills, and saved and invested a bunch of money as I have done rather consistently. In addition, I try to fight ignorance and fear....you know the things that you are pushing.

And the question has everything to do with this topic. Because right wingers such as yourself, like to sit around are rejoyce in the fact the nation is in troubled times rather than doing something positive to improve the nation. Every time there is a bit of discouraging news, you jump on it. And use it as some sort of trophy instead of doing something postitive to move the nation and the economy forward.

You are the guys who put the people in office who ruined the economy. And you are the people you put the people in office who more than doubled the national debt. And then you have the audacity to sit on your collective butts and rejoyce in the muck you have created. If I sound a bit pissed, it is because I am.

 

We've been through all of this before. Economic growth is measured by a number of indicators, and GDP is just one of them. I've explained why GDP is not a terribly important indicator in this economy, but still you drone on about it. I guess that's because it's the only positive number that's really out there.

 

You're right, we should all do our part.

The housing market is in trouble, guess we should...all buy houses?

How many houses do you have joe? One? Sounds like you arent doing your part. More than one? You must be one of those evil rich! Why arent you paying more taxes!!!

 

Oh, and how is it not meaningful? This should be good.

And there are many more indicators that show improvement including:

- employment numbers ( the economy actually added jobs this year as opposed to loosing them e.g. loosing close to a million jobs in the first two quarters of last year).

- 7 straight months of increasing private sector jobs

- improvement in lending

- recovery of the auto industry

- improvement in the leading economic indicators

- elmination of the inverted yield curve

This has all been pointed out to you and others like you numerous times in many threads only to have you ignore the facts because they do not fit into your nice little fantasy land view of the the world.

Bottom line is there are a lot of other indicators indicating recovery. No one doubts, in business circles, that the economy has been in recovery. The talk now is about a double dip - whither the economy goes back into recession.

And at the moment, the jury is still out on that question. But acting like there will be a double dip and the continued spreading of lies and fear, will bring about a double dip.

The fear mongers and demagogues on the right may have effectively neutered governments ability to appropriately respond to further downturns in the economy...that is the fear now. Will the idiots that brought about this situation be allowed to further wreck the system? Time will tell.

-

 

Cheap labor! Summer of Hate! Cheap Labor! You guys got nothin'.

 

Yeah I guess you could say I am one of those evil rich folks. I pay my share of tax and I don't complain about it.

We should only buy houses if we can afford to do so and have a good reason to do so .

And what we should all do is practice good citizenship....something very radical these days. But it was not uncommon during the zenith of American power. And it was something that used to be taught in elementary school.

 

Your speach about citizenship in no way addresses the fact that home sales are the lowest in 15 years.

No worries though, few more rounds of golf and 'vacays' should get us back on track...

 

I didn't say it wasn't meaningful, I said it wasn't terribly important. What does that mean? Look at the other indicators. You've got no jobs out there for people, which means they can't work.

Meanwhile, homes, the major asset of most Americans, are LOSING value. And that's for the folks who have not been foreclosed on or cannot afford the buy a house. And it will probably only get worse. We have an entirely new generation of Americans who are saddled with debt and have low-paying jobs (if they have them at all). The prospect of them somehow rekindling the housing market, especially in places like Florida, seems remote.

Joe, it sucks out there. I am sorry, but that's the truth. The data your posting is all marginal improvements on a negative margin. Holistically, things are still worse than they were -- and will be for some time. Banks and the auto industry may have survived their own stupidity, but they are not hiring and the economy as a whole is not good.

As I've pointed out before, and as nirakar alludes to, many of the idiots are still in charge. They work for Obama.

 

Naw, just a few more million credit default swaps, betting on our country's failure. That should work.

 

LOL, I find it disturbing that all of these posts go right over your head. Instead you choose to relish your little bit of gloom.

What woud you have done differently and how would that have improved our circumstances?

 

If things are bad, all he is proving is how bad his party made things. What are you going to to that Obama won't? Regulate Wall Street? That's a joke, Wall Street owns you.

 

Well I am going to introduce you to some reality. The GDP is very important. It is the value of all the economic activity with in a nation. And you say that is not terriby important? That is a hell of a hallucination your are having!

And I have posted the other indicators on many times in many threads including this one. And you just ignore them as if they didn't exist. Your inabiity to be objective and come to logical and reasoned conclusions based on evidence and reason does not mean that the fundamentals and data does not exist.

Wrong again!

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Home prices have stabiized. What has not happened is home sales volumes have gone down. The report released today said home prices remain stable, but sales activity is down. There is a big difference. And your inabiity to understand the difference like the other economic data, does not mean the data does not exist.

"Yet prices showed little effect, down only 0.2 percent to a median $182,600 and reflecting relative strength for higher priced homes. The year-on-year median price edged lower but was still positive at 0.7 percent. Yet "was" is the word to note as extremely heavy supply, together with heavy foreclosures and distressed sales, point squarely at price pressures ahead."

"Yet prices showed little effect, down only 0.2 percent to a median $182,600 and reflecting relative strength for higher priced homes. The year-on-year median price edged lower but was still positive at 0.7 percent. Yet "was" is the word to note as extremely heavy supply, together with heavy foreclosures and distressed sales, point squarely at price pressures ahead." - Boomberg August 24, 2010

Yes you are right, home prices are not going up any time soon. But they are not in free fall as they were a year ago.

Yeah, you think that lossing almost a million jobs a month is better than adding jobs to the economy? Per previously posted jobs numbers, the economy is adding jobs this year versus loosing almost a million jobs a month last year. And you don't call that an improvement?

Instead of a shrinking economy (-6 precent) per quarter we are now growing the economy at between 2 and 3 percent per quarter. And you don't call that an improvement?

An accross the board improvement in all of the leading indicators this year over last, and you don't call that an improvement?

And who are these alleged idiots? Geithner was head of the New York Federal Reserve. And Bernanke was and remains Chairman of the Federal Reserve. The Federal Reserve had nothing to do with creating this crisis. If you have proof otherwise, now is the time to prove it.

It was the Fed and the actions by Bernanke and company that saved us from a monumental economic disaster even greater than the Great Depression. Unemployment would have soared. You think 9.5 percent is bad, try 30-40 percent on for size if the Fed failed to act as they did.

In the end, you inabiity or unwillingness to recongized the recovery does not mean the recovery does not exist. Now are you going to tell me that you want to go back to the days when we were loosing almost a million jobs a month? And you think that is better than actually adding jobs as the economy has been doing this year?