Existing home sales up 10%

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Existing home sales up 10%

Post  Pez on Mon Nov 23, 2009 7:06 pm

The economy has a long way to go, but this translated into a hundred plus points on DJIA today... I'm guessing that jobless claims will drop slightly when they come out on wednesday as well... I'm guessing it will be 12 months before employment grows in a measurable way.

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Re: Existing home sales up 10%

Post  Scooby01_98 on Mon Nov 23, 2009 10:09 pm

Pez wrote:The economy has a long way to go, but this translated into a hundred plus points on DJIA today... I'm guessing that jobless claims will drop slightly when they come out on wednesday as well... I'm guessing it will be 12 months before employment grows in a measurable way.

Or was this the last splurge because it wasn't positive the 8K credit was going to be extended at the end of the month. I think that is more of the cause. Otherwise I would think you would see a reduction just like after the cash for clunkers program, so know the slow down will be April
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Re: Existing home sales up 10%

Post  floridafun on Tue Nov 24, 2009 12:25 am

ah shit if everything starts looking to be consistently on the mend in the spring, it just might keep the dems in the majority. glenn beck will burst an annurism!
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Re: Existing home sales up 10%

Post  Markwes on Tue Nov 24, 2009 1:10 am

floridafun wrote:ah shit if everything starts looking to be consistently on the mend in the spring, it just might keep the dems in the majority. glenn beck will burst an annurism!
If it does keep getting better, it won't be because of anything the dems did.
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Re: Existing home sales up 10%

Post  Pez on Tue Nov 24, 2009 11:25 am

Scooby01_98 wrote:
Or was this the last splurge because it wasn't positive the 8K credit was going to be extended at the end of the month. I think that is more of the cause. Otherwise I would think you would see a reduction just like after the cash for clunkers program, so know the slow down will be April

I and the media thinks that has a lot to do with it, also home prices are continuing to decline, which is likely part of the uptick also. It's the second straight month of almost 10% growth in home sales, which I see as positive. The fact that it's related to the $8,000 credit speaks to the efficacy of a portion of the stimulus. Home prices cannot continue to go down forever before demand picks up.

There was also a metric released that there is currently 7 months inventory of homes on the market. When we listed our house, the realtor suggested that the average time on the market was 90-120 days... Granted my figures are somewhat anecdotal, but I would think that when the inventory if homes for sale intersects with the average time on the market, demand will begin to rise, along with prices.

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