December 1, 2010
Home Sales | Home Sales Are Sliding And Inventories Are Growing
Even though June new home sales were up 23.6 percent when compared to May, they were still the runner up for the lowest new home sales month on record according to the Department of Commerce. That being said, we can easily deduce that May new home sales figures were the lowest month on record. The Department of Commerce reported this news on Monday July, 26th. They informed us that the seasonally adjusted annual rate of new home sales increased to 300,000 units, which is up 63,000 units from the record low month of May with 267,000 units sold. These new home sale figures are at the lowest they have ever been recorded in nearly a half a century.
While new home sales increased in June, existing home sales declined. That is the second consecutive month of declines for existing home sales. The National Association of Realtors showed in their monthly report on Thursday July, 22rd, that the sale of existing homes decreased 5.1 percent from May to June. That put the seasonally adjusted annual rate of existing homes at 5.37 million units. While that shows a decrease for the month of June, those figures are still 9.8 percent above last year pace for this time of the year.
2010 saw a brief surge in the sale of new and existing homes as buyer rushed to take advantage of the federal tax credit for up to $8,000 on the purchase of a home. However, for borrowers to qualify, they had to sign a purchase contract by April 30, 2010. The expiration of this tax credit has had a detrimental effect on the sales of homes, new and used, across the nation. Overall, regionally, the only area of the country that actually saw an increase in sales for the month of June was the Northeast, where they have shown an increase of 7.9 percent when compared to May.
Home inventories are growing and are expected to keep growing. The month of June has shown us an increase of 2.5 percent of unsold homes on the market. That puts the nation’s inventory at an estimated 3.99 million units, which is nearly a 9 month supply. Inventories are expected to continue to grow as banks foreclose on borrowers that fail to obtain permanent loan modifications. This growing inventory will definitely affect the median home price. Simple economics dictates that a large supply equates to less demand which means lower home prices.
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6 Comments on Home Sales | Home Sales Are Sliding And Inventories Are Growing »
July 16, 2011
glytter010 @ 10:18 pm:
Depressed.
August 15, 2011
Gypsy @ 5:35 pm:
If those other Gods were used to try and justify the evil crap in the world that the bible God is then YES I WOULD!
The problem isn't the God that doesn't exist but the idiots that think it does and are willing to kill you to prove it!
August 23, 2011
Brian Hickey @ 2:30 am:
That the house is being torn down and they will sell the land and you can have another home built. A short sale means that the bank has agreed to sell the land for less then what the previous owners owe on it. While short sales can be good, You get a home or land for less then value you do risk another buyer making the purchase before you do and you do have to wait for the bank to say yes to the sale which can take months usually up to one year.
September 19, 2011
Brianne @ 12:59 am:
Typical Republican . You just can't trust them at all. I suppose that is true for most politicians – but Republicans have really got that smear mudslinging lying thing down to an art.
September 28, 2011
Leafer @ 7:09 am:
Apparently it's to do with the fact (adult)snub-nosed dogs (naturally) have a harder time breathing than their longer nosed cousins-also -cargo compartments on airplanes don't have the same degree of climate control that the passenger cabin does.The danger essentially though is mostly when the planes on the ground-planes can be delayed on occasion for several hours on the tarmac for a variety of reasons……..Continental Airlines for example introduced this policy last year:(I would assume other airlines' rules are similar)
Continental's PetSafe program announced today that they are is placing some restrictions on adult snub-nosed dogs flying this summer.
Like many pet airlines, Continental is working on how they can provide the best possible service to their snub-nosed passengers. From May 15 through September 15, all adult Bulldogs (French, English, and other) as well as the Pug and the Boston Terriers will be prohibited from flying as cargo on Continental Airlines' flights.
The rest of the year (September 16th through May 14th) these snub-nosed pets will be allowed to fly as long as the forecasted temperatures at arrival and departure will not exceed 85 degrees F (29 degrees C).
Previously, Continental had a complete embargo of all adult Bulldogs (and their mixes) on their pet flights.
Snub-nosed puppies will still be allowed to fly throughout the year, until they reach 6 months of age or 20 lbs (6 kg), whichever comes first.
…So..whether or not they are allowed in the cabin will usually depend on a few things-1) the individual airline-policies vary from one to another-remember,some people have allergies and will look purposely for airlines that don't allow pets in the cabin. 2) The policy of the individual airport(s)(or country) you fly through-London Heathrow for example has a blanket policy that ALL PETS arriving at Heathrow MUST be in the cargo hold of the airplane-this policy I believe is so that animals can be inspected by vets in one area of the airport.If a pet can't be put in cargo(like a pug) this essentially rules them out from flying to/through Heathrow.
Most of the other breed dog (and cats)you see for sale are likely people who really just didn't want to pay the ever-increasing fees for shipping their animals as cargo.
December 1, 2011
Tripp Smith @ 4:54 am:
i think the your right to swing your fist stops when you hit me