Off-Topic: New Home Sales below depression level
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Name:
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water_watcher
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Subject:
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New Home Sales below depression level
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Date:
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2/28/2010 12:41:09 PM
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In January new home sales were at a record low 309,000 annual unit rate. Even during the Jimmy Carter years when interest rates were at 18% new home sales were over 700,000 units annually.
Despite Obama giving tax payers money away to buy a new home and record low interest rates ... people are scared of the future under Obamanation.
As long as the government keeps pushing socialism and controling banks, car compaines and trying healthcare ... how can people put their faith in the future when they do not know what else the government will try to take over.
I am sure Archie's business is booming despite these extremely low levels and commercial real estate on its back side as well.
The more government regulates and do not allow the free markets to work, the deeper in the hole we become ... a repeat of the the great depression.
Even when people want to buy a house and think it is a fair price, the government regulations prevent them. They now require banks to include distressed sales when approving a loan. So someone says yes I will buy for $500,000, but then the bank says I have to include this one distressed sale so I only appraise for $390,000. The builder says no, the people walk and no sale. Then housing prices move lower, more distressed sales and the cycle continues.
There is no reason distressed sales should be included in appraised values.
So does Obama really want things to improve or is he happy with things as bad as they are because it supports bigger and bigger government.
What a disaster people voted for. I hope those that did can look themselves in the mirror.
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