Posted by Bear900/CA on 8/24/13 1:12pm
Msg #481744

Housing Shocker

"WE’RE HEARING the housing market is supposed to be on a tear. Prices are rising. Existing home sales are hitting multiyear highs. Demand for new homes is growing. Major builders have backlogs of orders that get larger every quarter.

But then Friday comes along and the Census Bureau reports that new home sales dropped 13% in July. In addition, sales in the previous three months were revised downward. What the hell happened?"

http://www.nationalmortgagenews.com/blogs/hearing/Housing-Shocker-1038387-1.html

Reply by desktopfull on 8/24/13 1:56pm
Msg #481747

The fact that our business has slowed so much should have been proof that the first reports were false (lies), but when the facts come in they have no choice but to tell the truth. Not shocking to me.

Reply by bagger on 8/24/13 4:44pm
Msg #481759

Do you trust anything our politician's tell us?
And before certain people complain that this belongs in JP, I am not pointing the finger at any party!

Reply by CJ on 8/25/13 10:24am
Msg #481805

When this happened last time.

When this happened last time, I used to keep track of how many jobs I did per month. I noticed that August was always my busiest month. Then August came and my phone stopped ringing. Slowly it filtered into the news about the loan catastrophe, and everything went downhill for everyone. I realized that my job was the first indication of the economy.

It's the same thing here: I wake up, the phone isn't ringing, and you and I know that something is terribly wrong. I don't care what the news says, we know that it's bad.

What I don't understand is why doesn't The Man Behind the Curtain just lower rates again, then we can "lend it, spend it, send it ROLLING along".