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Economy
U.S.: Sales of existing homes collapsed in July
2010-08-25
[ANSA] The sale of existing homes in the U.S. in July collapsed to the lowest since 1999 . Last month, according to the National Association of Realtors, sales fell by 27.2% to 3.83 million units, even worse than the estimates of analysts who had expected a decline of 13.4%.

Sales of detached houses dropped to the lowest since May 1995. ''The recovery of real estate and is linked to the recovery of the labor market in the U.S.'', said one analyst, noting that ''low interest rates are not enough to revive the real estate sector.''

On August 19 the average rate on 30-year loans in the U.S. stood at an historic low of 4.42%, according to data from Freddie Mac. Earlier in the year the market showed signs of recovery thanks to an incentive tax of $8,000, which lasted until April 30.

DOW JONES BELOW 10,000 U.S. HOMES SALES SLUMP AFTER
The Dow Jones dropped below the psychological threshold of 10,000 points after the collapse of home sales in the United States. Shortly after the statistical index went up to 10,061.
Posted by:Fred

#7  Just found this,

http://thescotsman.scotsman.com/news/We-must-let-bust-banks.6492340.jp

Then we have Germany getting a backbone.

Come election time our politicians (Rino's and Dino's) will talk tough but they will not have the resolve. Look at Norway and Russia both are in good shape.
Posted by: Dale   2010-08-25 21:11  

#6  #2,#5 Hello!
CITI - that is good information to ponder but what can a person do. With the September stock market skidders who knows how tough it can get. Then we have the October surprise yet Woopie!. If I was faced with losing my home I would consider taking in a renter or boarder like they did in the old days. I think alhaltzhimers or dementia may occur for a reason.
Posted by: Dale   2010-08-25 19:28  

#5  Oh, she said yesterday if you have an account with Citi, close it. Citi is about to go under. When such a huge US bank collapses, the repercussions nationally and world wide will be catastrophic.
Posted by: wr   2010-08-25 11:23  

#4  One of my clients is a Real Estate agent in a major US City. In her 70's with many years experience and top seller. She has had NOTHING in the Title company for two months. There are plenty of buyers but there is no money to borrow. She has switched to finding renters for homes, her fee is first month's rent plus 10% of the rent each month to manage it. Only way she is able to survive, barely, as a Real Estate agent right now.
Posted by: wr   2010-08-25 11:16  

#3  ''The recovery of real estate and is linked to the recovery of the labor market in the U.S.''

Hey…don’t forget it’s “Recovery Summer” bayybee! Can’t ya feel it?
Posted by: DepotGuy   2010-08-25 10:01  

#2  I bicycle a fair bit and usually get an evening ride in around the neighborhoods where I live. We had lots of developments going in during the mid 2000s since where I live is at the point where exurbs meet country.

Now I bicycle through those neighborhoods and I see: lots of homes for sale. Empty lots for sale. Houses for rent. Lawns that aren't being maintained.

These were solid working-class and middle-class neighborhoods, two-level and ranch and split-ranch homes that had all the usual amenities when they were built.

I am thankful I don't have to sell a house right now and that I have a job that should weather the storm.
Posted by: Steve White   2010-08-25 09:31  

#1  I'm seeing rental property being foreclosed in my area as well. Many rental signs are up. It might just be me but I bet people are going back to family unit homes which might not be a bad thing. Perhaps rent rather than lose the property is an option now.
Posted by: Dale   2010-08-25 06:41  

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