WASHINGTON (AP) -- Sales of previously occupied homes took the largest monthly drop in more than 40 years last month, sinking more dramatically than expected after lawmakers gave buyers additional time to use a tax credit.
The report reflects a sharp drop in demand after buyers stopped scrambling to qualify for a tax credit of up to $8,000 for first-time homeowners. It had been due to expire on Nov. 30. But Congress extended the deadline until April 30 and expanded it with a new $6,500 credit for existing homeowners who move.
"It's 'exit stage left' for first-time homebuyers," wrote Guy LeBas, an analyst with Janney Montgomery Scott.
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Poverty Rate Hits 17.5 Percent in Nashville
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As this comes as a surprise to who????? My wife, who is clueless about anything to do with money, saw this coming.
ReplyDeleteBut not to worry - the phoney stock market is up 65+ on this horrible news. Geez, think the market is a little manipulated??
ReplyDeleteNo kidding. Have to laugh. The MSM does its part. If the market goes up 50 pts it is splattered all over the front of USA Today. If it goes down 100 not a word is printed.
ReplyDeletethis has NOTHING to do with incentives.... and EVERYTHING to do with jobs. The TSUNAMI of unemployment washing over this country, and imho, we're only about 25% into the deep water... a measly 6500. or 8000.00 when compared to the costs of houses today is nothing. if the only reason you can AFFORD the house is the fed rebate, then YOU CAN'T AFFORD THE HOUSE, PERIOD.!!!! WHY IS COMMON SENSE DEAD IN AMERICA???????
ReplyDeleteWhile the sheeple are busy watching over fake politics their future is being snatched away.
ReplyDeleteEveryone at my work is talking about this politician or that one. Nauseating. Means nothing. They are just a stage show. To give the sheeple that false impression that they have some sort of control of their destiny.
The banks own all important politicians including the head puppet in charge.
"Owning" a home will soon be a thing of the past.
ReplyDeleteWhen hyperinflation hits, the taxman will 100x the tax rate and make it impossible for the unprepared to keep their homes even if they are now owned outright.
ReplyDeleteOnly those with real money, not fiat slips of paper, will be spared.
@ 10:46, what is "real" money?
ReplyDeleteSurely you jest if you refer to silver or gold, it will all be confiscated anyway.
11:22 not that again. Are you that stupid to hand in your bullion when the collector comes to the door:
ReplyDeleteGold Collector: Do you have any GOLD or SILVER on the premises?
YOU: Hold on its buried in my back yard, I'll go dig it up.
A big fat SHEEEEPLE!!!!
Personally though I agree with the whole silver/gold/guns scenario...I do think that it will be a LONG TERM DEAl...Meaning that at first chaos will ensue and you won't be able to do crap with anything but the guns and ammo...Possibly tobacco and liquor...But try spending gold for small purchases to anyone but the rich or the government itself.
ReplyDeleteSilver has it's options but as we all know silver is also an industrial metal BUT if the economies come to a halt who will need it?
So gold and silver are great if you have the 5-10 years to wait for them to be valued appropriatly...In times of trouble water, food and weapons are the only things that matter at least for the months of change.
Leaving Haiti out of the equation or any other 3rd world nations that usually have no infrastructure lets focus on 2nd and 1st world countries.
The US when hit by a hurricane on the east coast...Europe hit by heat waves...Serbia or the old USSR...That's what will happen to us...Not the crazy madness of Haiti or Rwanda or Zimbawee...Why you ask?
BECAUSE...They have been prepping for the chaos that's coming for years and they will have military/feds or even deputized peace officers working for them as troops...SO I expect "Martial Law" not madness.
You would have to be one stupid son of a bugger to but a house right now.
ReplyDeleteBuy the acreage - ok; I'll go along with that if the circumstances are right.
11;26 - Once again - I say thanks to a voice of reason.
Things are really starting to slip people - better start thinking about preparedness.
The market is not minipulated. we are a capitalist society.....consumers are a commodity......they want us to keep spending like every thing is ok. so they tell us everything is ok...consummers are being manipulated not the market #s.
ReplyDelete