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View Full Version : PENDING HOME SALES - new all time record low

MattMarr
10-02-07, 01:35 PM
Oct. 2 (Bloomberg) -- The number of Americans signing contracts to buy previously owned homes dropped to the lowest level on record in August as the housing recession deepened.

``The existing homes market is now in freefall,'' said Ian Shepherdson, chief U.S. economist at High Frequency Economics Ltd., in Valhalla, New York. ``The downside from here is still substantial.''

The National Association of Realtors' index of signed purchase agreements fell 6.5 percent from the previous month, the group said today in Washington. The decline was more than economists anticipated and pushed the measure to the lowest level since the organization began tracking purchases in 2001. The gauge plunged 11 percent in July.

---- Reminder - it was all predicted before the exponential curve became impossible to hide.
At at a time where only ONE explained correctly the curve.
http://www.google.com/search?hl=en&q=MattMarriott+exponential+curve
Nikelodeon
10-02-07, 01:39 PM
Get bent.
S.A.M.
10-02-07, 01:48 PM
No one likes "used" anymore. :(
Why?
10-02-07, 02:06 PM
People still have to buy homes.
mikenostic
10-02-07, 02:26 PM
No one likes "used" anymore. :(

I don't think the term 'used' has ever been applied to pre-existing/pre-owned home sales. At least I've never heard the term 'used home'.
Maybe for a mobile home. :roflmao:

People still have to buy homes
Why? They can't rent a home?

The National Association of Realtors' index of signed purchase agreements fell 6.5 percent from the previous month, the group said today in Washington. The decline was more than economists anticipated and pushed the measure to the lowest level since the organization began tracking purchases in 2001. The gauge plunged 11 percent in July.
What??? I'm nowhere near an economist and I could have told you that something like this would happen. A monkey could have foreseen this.
Greedy mortgage companies with dollar signs in their eyes haphazardly handed out subprime mortgages like condoms at a clinic. What on earth did they expect? The people with bad/shitty credit that they were approving mortgages for have bad credit for a reason.
cosmictraveler
10-02-07, 02:29 PM
Yet the American Stack Exchange is at an all time high and no one says shit about that, WHY NOT?
mikenostic
10-02-07, 02:32 PM
Yet the American Stack Exchange is at an all time high and no one says shit about that, WHY NOT?

Why would we? This thread is about the all-time low pending home sales.
cosmictraveler
10-02-07, 02:36 PM
Yet no one ever bring up how this low sales figure isn't hurting the economic streangth of the stock market. If it were that bad it would bring the market down as well. But it hasn't.
mikenostic
10-02-07, 02:44 PM
Yet no one ever bring up how this low sales figure isn't hurting the economic streangth of the stock market. If it were that bad it would bring the market down as well. But it hasn't.

Who knows? Maybe the stock market will crash soon.
But is the stock market solely dependent upon the housing market? I don't think so.
cosmictraveler
10-02-07, 02:46 PM
Keep talking how bad the housing market is and you'll probably bring the market down alot.