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Thread: Existing Home Sales Hit 15-Year Low; Housing Market Weakens

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    Existing Home Sales Hit 15-Year Low; Housing Market Weakens

    Not good, Maverick...

    "Sales of previously owned U.S. homes dropped more steeply than expected in July to their lowest pace in 15 years, an industry group said Tuesday, implying further loss of momentum in the economic recovery.

    The National Association of Realtors said sales dropped a record 27.2 percent from June to an annual rate of 3.83 million units, the lowest level since May 1995. June's sales pace was revised down to a 5.26 million-unit pace.

    The record drop in existing U.S. home sales in July showed that the country must still do more to improve the economy, White House spokesman Bill Burton said Tuesday."
    News Headlines

    Ya think???

    The housing market WILL NOT CHANGE unless it is allowed to correct itslef...unless the bottom literally is allowed to fall out on housing prices.

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    Re: Existing Home Sales Hit 15-Year Low; Housing Market Weakens

    More evidence that Keynesian solutions to economic downturns are bunk.

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    Re: Existing Home Sales Hit 15-Year Low; Housing Market Weakens

    What we have here folks is a DEPRESSION.
    And should think any different just watch the Stock market slide downward past whatever bottom you might have imagined it would reach.
    Last edited by jujuman13; 08-24-10 at 08:04 PM.

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    Re: Existing Home Sales Hit 15-Year Low; Housing Market Weakens

    There are 3 administrations you can blame for this: Clinton, Bush, and Obama.
    The ghost of Jack Kevorkian for President's Physician: 2016

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    Re: Existing Home Sales Hit 15-Year Low; Housing Market Weakens

    Quote Originally Posted by jujuman13 View Post
    What we have here folks is a DEPRESSION.
    And should think any different just watch the Stock market slide downward past whatever bottom you might have imagined it would reach.

    So things are going to change suddenly? I don't know what planet you live on but even with some jumps and falls the stock market seems to be doing quite well while the rest of the economy sags behind.

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    Re: Existing Home Sales Hit 15-Year Low; Housing Market Weakens

    Quote Originally Posted by danarhea View Post
    There are 3 administrations you can blame for this: Clinton, Bush, and Obama.

    Blame, blame, blame.

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    Re: Existing Home Sales Hit 15-Year Low; Housing Market Weakens

    Quote Originally Posted by danarhea View Post
    There are 3 administrations you can blame for this: Clinton, Bush, and Obama.
    You forgot Reagan. He's the Godfather.
    No men are anywhere, and Im allowed to go in, because Im the owner of the pageant and therefore Im inspecting it, Trump said... Is everyone OK? You know, theyre standing there with no clothes. Is everybody OK? And you see these incredible looking women, and so I sort of get away with things like that.

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    Re: Existing Home Sales Hit 15-Year Low; Housing Market Weakens

    Quote Originally Posted by EnigmaO01 View Post
    So things are going to change suddenly? I don't know what planet you live on but even with some jumps and falls the stock market seems to be doing quite well while the rest of the economy sags behind.
    Define suddenly. The housing market started to slide in 2007. the job market in 2008. The current crop of clowns have had control of the house and senate for 4 years. At some point thinking people MIGHT consider that SOMETHING has to change. Hell. blame Reagan...blame Nixon. Blame Canada. At some point you have to actually FIX the problem.

    First and foremost they need to let the market correct itself. Prices have to come down to affordable levels. banks need to be left to fix their messes...not the government. Incentive needs to be made to bring industrial jobs back. Government spending needs to be radically curtailed. Directed change has to happen because like it or not...change IS coming...

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    Re: Existing Home Sales Hit 15-Year Low; Housing Market Weakens

    Quote Originally Posted by VanceMack View Post

    The housing market WILL NOT CHANGE unless it is allowed to correct itslef...unless the bottom literally is allowed to fall out on housing prices.
    Exactly.

    It's not 'weakening', it's just resetting itself back to normal.

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    Re: Existing Home Sales Hit 15-Year Low; Housing Market Weakens

    Quote Originally Posted by danarhea View Post
    There are 3 administrations you can blame for this: Clinton, Bush, and Obama.
    Actually...it was the economic policies of Reagan that resulted in the mass exodus of manufacturing jobs in this country. What we are really seeing is the results of Reaganomics and his huge tax cuts for the wealthy.
    Reagan and Bush, like him, believed that "trickle down economics" was the way to go. The problem is.....when the wealthy are given huge tax cuts and corporate welfare, they tend to hoard it, not put it back into the economy so that it "trickles down". Until we address THAT issue and implement incentives to bring manufacturing jobs back to this country, we will continue to struggle.
    Obama has tried, but didn't have the backbone to follow through and the wimpy Democrats and the "party of no" aren't going to take the initiative at their own expense.
    <font size=5><b>Its been several weeks since the Vegas shooting.  Its it still "Too Early" or can we start having the conversation about finally doing something about these mass shootings???​</b></font>

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