A day after a disappointing read on the market for existing homes, the government said Wednesday that sales of new homes fell to their lowest level on record last month, a potentially crushing blow for an economy that is still looking for its footing.
The Commerce Department said new home sales fell by a stunning 32.7% in May, to a seasonally adjusted rate of 300,000. Sales were expected to be off sharply as a government program to prop up the market expired, but the results were far worse than even the most pessimistic outlooks.
Story Here
This comes as no surprise, for those of us who live in reality and understand what is really going on, not those of you who sit around and watch your tv's all day a.k.a. Sheeple slave units.
ReplyDeleteNow with the Gulf Coast real estate crash because of the oilcano, the US economy may collapse very soon, perhaps sometime this summer. There are many other countries economies currently collapsing, of course you will not see this on your tv news, China being close to collapse, as well as Japan, Spain, Portugal,______________fill in the blank.
Tighten your seat belts, its going to be a rough ride, while the sheeple have absolutely no clue....
Wow, this chart is frightening. Not only are construction workers, tradesmen, and contractors affected by the lack of new home sales, but also a slew of related manufacturing industries-lumber, roofing, plumbing, fixtures, windows, flooring, HVAC, appliances, landscaping, etc. The ripple effect is tremendous, and we are are only just starting to see the affects of the Oil Gusher on new construction in the Gulf area.
ReplyDeleteHomes like everything else are part of a WORLD PONZI scheme that appears to be heading towards collapse that may affect everyone.
ReplyDeleteYou might have a job but how long is your dollars going to be worth anything. You might be working for NOTHING.
The Social Security or Pension that you are paying into ... will you get some or any of that money back?
Like the Lombard Banking Collapse of 1345, the banks were insolvent 20 years before the crash, the crash was created by speculation, Europe experienced major bank failures, then an apparent calm in which the public was told all was O.K., then, overnight, it all collapsed, leading to 50+ years of pain and a loss of almost 50% of mankind. Will be quite a wild ride indeed.
ReplyDeleteThe tax credit was a suckers deal. The new home owners’ fools could have waited a couple of months and come out ahead. They bought an overpriced house because "they" said it was a great time to buy.
ReplyDeleteThey will be under water six months. By next year they will stop paying the mortgage and further screw over their neighbors
Another failed Government program to add to the long list.
Remember, no news is bad enough for the manipulated stock market. These housing numbers must be good since the market is now UP - what a stock market scam.
ReplyDeletecongress the presidents
ReplyDeletethrew nafta free trade sold out america and are guilty of treason
with that said
nothing surprises me
ww3 a meteroite hits the earth
do you expect these imorale goverment to do anything
they cant even pass a six month uenployement bill
thats why i like this place because anyone if they opened thier eyes could see this will end very badly and its bad now
Throw in what the Federal Reserve did today and hey, the economy is either on the cliff or sliding down. I'm curious to watch gold over the next couple of days to see what happens.
ReplyDelete1:47 - I'm a gold supporter but IMO gold is just as manipulated as the stock market right now. Notice how the dollar index and gold sales are tracking- almost even. I think gold will eventually break out to the upside but as of now it is being confined by big players(maybe central bankers) that want to see the gold price suppressed. A run away gold increase is the Feds worst nightmare.
ReplyDeleteamazing! people still buying houses with all that is happening. I know of people who are still trying to buy a home.they just don't learn.
ReplyDeleteOdd I personally live near quantico VA and I work for a major utility company and I weave in and out of subdivisions all day long, and they are building houses like madmen near here. Speculation states that there is going to be 26,000 new government jobs between F8I, Quantico, and Fort AP Hell within the next 6 months, and the way the traffic is getting I believe it !!!! Hence the NWO needs more manpower to further the agenda !!! Like I said before, by the time my kids get old enough to work, there will be no choices for jobs, government, law enforcement / UN peacekeeping 101/ fema camp director, Wildlife / fisheries,(according to the massive land reposession act and al gore's sustainablilty agenda), obamacare, or MIC grunt. sad.....fucking sad !
ReplyDeletehttp://theblogprof.blogspot.com/
ReplyDeletemore good stuff