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New home sales hit record low in January

Discussion in 'Political Discussion' started by Real World, Feb 24, 2010.

  1. Real World

    Real World Moderator Staff Member

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    Homes are still overpriced, and the corrections needed in the economy are still ongoing. I bet the inside charts of a lot of major businesses and corporations, from Bestbuy, to the NFL, are scary. You hear people talking about how they expect this and that to be better, but I wonder if that's just window dressing. I hope things improve this year, but we've gotten zero calls this month for work. ZERO. Anectdotal for sure, but everyone I talk to in my related fields, is expecting a tough year all over again. This article tells me that the correction is ongoing.


    New home sales hit record low in January

    New home sales plummet 11.2 percent in January to annual rate of 309,000, lowest on record



    Wednesday February 24, 2010, 11:15 am EST

    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.

    While winter storms were partly to blame, home sales have fallen for three straight months despite sweeping government support. Economists were already worried that an improvement in sales in the second half of last year could falter as various government support programs are withdrawn.

    "There is no doubt that January and February are going to be messy months for housing, given the severe weather conditions, but that doesn't take away from the fact that the housing sector has taken another big step back, even with the government aid," Jennifer Lee, a senior economist at BMO Capital Markets, said in a research note.

    January's weakness was evident in all regions except the Midwest, where sales posted a 2.1 percent increase. Sales were down 35 percent in the Northeast, 12 percent in the West and almost 10 percent in the South.
     
  2. Real World

    Real World Moderator Staff Member

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    New home sales hit record low in January - Yahoo! Finance

     

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