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BREAKING NEWS Pending home sales index falls to lowest point on record

 
Anonymous Coward
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01/06/2009 10:12 AM
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BREAKING NEWS Pending home sales index falls to lowest point on record
Pending Home Resales Fell 4% in November, More Than Forecast

By Bob Willis

Jan. 6 (Bloomberg) -- Fewer Americans signed contracts to buy previously owned homes in November as credit markets seized up and a deteriorating labor market signaled the housing slump will extend into a fourth year.

The index of pending home resales fell 4 percent to 82.3, the lowest level since the series began in 2001, from a revised 85.7 in October, the National Association of Realtors said in a report today in Washington. Pending sales fell in all four regions.

A financial crisis that worsened in the final months of 2008 deepened the economic recession, extending the slump in home sales and prices. President-elect Barack Obama has pledged to enact measures to ease foreclosures and save or create 3 million jobs to boost the economy.

The numbers were “certainly affected by the credit crunch,” Joshua Shapiro, chief U.S. economist at Maria Fiorini Ramirez Inc. in New York, said before the report. “You won’t see home sales bottoming until prices adjust further. We’re no where near the bottom.”

Economists expected pending sales to fall 1 percent after an originally reported drop of 0.7 percent in the prior month, according to the median forecast of 34 economists in a Bloomberg News survey. Estimates ranged from a drop of 5 percent to a gain of 1.5 percent.

Today’s home-sales report showed declines of 7.2 percent in the Northeast, 6.7 percent in the Midwest and 2.4 percent in the West. Pending sales fell 2.2 percent in the South.

Year-Over-Year

The Realtors group, whose pending sales data go back to January 2001, started publishing the index in March 2005. The gauge was down 5.3 percent from November 2007.

Pending resales are considered a leading indicator because they track contract signings. Closings, which typically occur a month or two later, are tallied in the Realtors’ monthly existing-home sales report. That report for November is scheduled to be released Jan. 26.

The financial and credit market collapse that intensified in September stifled a housing market that had been showing some signs of stabilization.

Purchases of previously owned homes, which account for about 90 percent of the market, fell 8.6 percent in November from the prior month and median prices fell 13 percent from a year earlier, the biggest decline on record. November sales of new homes, which account for the remainder, dropped to the lowest level in 17 years.

Late Payments

One in 10 Americans fell behind on mortgage payments or were in foreclosure in the third quarter, the Mortgage Bankers Association reported last month. The share of mortgages 30 days or more overdue and the share of loans already in foreclosure both jumped to all-time highs in a survey that goes back 29 years, the association said.

With the economy gripped by a recession, average house prices have fallen by about a quarter from their peaks in mid- 2006, according to the S&P/Case-Shiller home price index.

Builders are shell-shocked. Lennar Corp., a U.S. home construction company that builds in 14 states, on Dec. 18 reported its seventh straight quarterly loss.

“We’re in the midst of a downward spiral and the momentum is building,” Chief Executive Officer Stuart Miller said on a conference call with analysts.

To contact the reporter on this story: Bob Willis in Washington bwillis@bloomberg.net.

[link to www.bloomberg.com]
Anonymous Coward (OP)
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01/06/2009 10:13 AM
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Re: BREAKING NEWS Pending home sales index falls to lowest point on record
bump
Anonymous Coward (OP)
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01/06/2009 10:14 AM
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Re: BREAKING NEWS Pending home sales index falls to lowest point on record
Yet another reason to cash in what little I have and build my viking long house in the woods...
Anonymous Coward (OP)
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01/06/2009 10:17 AM
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Re: BREAKING NEWS Pending home sales index falls to lowest point on record
Shameless Bump...

bump
Anonymous Coward
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01/06/2009 10:26 AM
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Re: BREAKING NEWS Pending home sales index falls to lowest point on record
Time to start building log cabins on federal land.
Anonymous Coward
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01/06/2009 10:32 AM
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Re: BREAKING NEWS Pending home sales index falls to lowest point on record
Half of the piddly amount of contracts counted in this report won't even close.
Anonymous Coward (OP)
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01/06/2009 10:50 AM
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Re: BREAKING NEWS Pending home sales index falls to lowest point on record
Time to start building log cabins on federal land.
 Quoting: Anonymous Coward 559493


I can honestly say the thought of doing that has gotten stronger by the month. There's the Appalachian mountains to the west that still have plenty of cheap land with water.
Anonymous Coward
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01/06/2009 10:51 AM
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Re: BREAKING NEWS Pending home sales index falls to lowest point on record
good thing obama is going to prop the market up to 10,000 and hyperinflate us all.

good times are coming.
Anonymous Coward (OP)
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01/06/2009 10:52 AM
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Re: BREAKING NEWS Pending home sales index falls to lowest point on record
I've heard from other posts how they are expecting that this year, at best, 1 out of every 7 home owners to be behind on their mortgage or completely under the proverbial water.
Anonymous Coward (OP)
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01/06/2009 10:53 AM
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Re: BREAKING NEWS Pending home sales index falls to lowest point on record
good thing obama is going to prop the market up to 10,000 and hyperinflate us all.

good times are coming.
 Quoting: aznwarlord


Really! Horray! Oh wait... you were being sarcastic... bummer.
riker

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01/06/2009 11:13 AM
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Re: BREAKING NEWS Pending home sales index falls to lowest point on record
Has it occurred to anyone that the problem isn't a fuckin credit crunch, just a bunch of broke indebted Americans with no demand for a house???????
You shall know the TRUTH, and the TRUTH shall set you free.
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Anonymous Coward
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01/06/2009 11:15 AM
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Re: BREAKING NEWS Pending home sales index falls to lowest point on record
Has it occurred to anyone that the problem isn't a fuckin credit crunch, just a bunch of broke indebted Americans with no demand for a house???????
 Quoting: riker


Ummm, yes.
riker

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01/06/2009 11:18 AM
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Re: BREAKING NEWS Pending home sales index falls to lowest point on record
Has it occurred to anyone that the problem isn't a fuckin credit crunch, just a bunch of broke indebted Americans with no demand for a house???????


Ummm, yes.
 Quoting: Anonymous Coward 577634


I know. I just had to say it.
You shall know the TRUTH, and the TRUTH shall set you free.
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rikerglp (at) gmail.com
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Anonymous Coward (OP)
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01/06/2009 12:23 PM
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Re: BREAKING NEWS Pending home sales index falls to lowest point on record
Has it occurred to anyone that the problem isn't a fuckin credit crunch, just a bunch of broke indebted Americans with no demand for a house???????


Ummm, yes.


I know. I just had to say it.
 Quoting: riker


It's more than just the broke indebted Americans. Maybe that was the first domino to fall but there's the politicians and special interests that managed to chip away at regulations designed to prevent dangerous lending. It's the companies that over-leveraged, over-borrowed, and over-built in their rush to soak up the American consumers money. It's governments not being prudent and cautious in lending and borrowing. It's a global financial system built to fail and fail in the most epic way. I guess it's just plain greed. We reap what we have sown.

My parents lived through the last Great Depression and learned the right way to live within their means. We're in for a great and hard fall.
Red N. Rawcock
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01/06/2009 12:50 PM
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Re: BREAKING NEWS Pending home sales index falls to lowest point on record
I am watching the ensuing hilarity as the investment class pulls out all the stops to save themselves. It's unfolding right in front of us, right out in the open, and they have no shame. You can see it buy paying just the slightest amount of attention.


I can't take credit for the following, but I can paraphrase the words of someone else who basically said there are morons walking around wondering what all the fuss is about.

You can't make this stuff up. This will be made into a movie someday.
Anonymous Coward (OP)
User ID: 564451
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01/06/2009 01:06 PM
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Re: BREAKING NEWS Pending home sales index falls to lowest point on record
I am watching the ensuing hilarity as the investment class pulls out all the stops to save themselves. It's unfolding right in front of us, right out in the open, and they have no shame. You can see it buy paying just the slightest amount of attention.


I can't take credit for the following, but I can paraphrase the words of someone else who basically said there are morons walking around wondering what all the fuss is about.

You can't make this stuff up. This will be made into a movie someday.
 Quoting: Red N. Rawcock 578217


Yeah... kinda like "Bonfire of the Vanities" but with more greed and such. Or the Great Gatsby...
riker

User ID: 505009
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01/06/2009 01:27 PM
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Re: BREAKING NEWS Pending home sales index falls to lowest point on record
Has it occurred to anyone that the problem isn't a fuckin credit crunch, just a bunch of broke indebted Americans with no demand for a house???????


Ummm, yes.


I know. I just had to say it.


It's more than just the broke indebted Americans. Maybe that was the first domino to fall but there's the politicians and special interests that managed to chip away at regulations designed to prevent dangerous lending. It's the companies that over-leveraged, over-borrowed, and over-built in their rush to soak up the American consumers money. It's governments not being prudent and cautious in lending and borrowing. It's a global financial system built to fail and fail in the most epic way. I guess it's just plain greed. We reap what we have sown.

My parents lived through the last Great Depression and learned the right way to live within their means. We're in for a great and hard fall.
 Quoting: Anonymous Coward 564451


Yes, I didn't mean to exclude corporations, politicians, governments, central banks and fiat currency.

However, what I have sown is not what will be left for me. I have NOT lived above my means, I do NOT use credit, I save and then buy cash. I have NO debt, NO payments.

But I will still suffer - in my opinion, more by these "bailouts" and the New new deal than the economy itself.
You shall know the TRUTH, and the TRUTH shall set you free.
*********************************
rikerglp (at) gmail.com
*********************************
Anonymous Coward (OP)
User ID: 564451
United States
01/06/2009 01:46 PM
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Re: BREAKING NEWS Pending home sales index falls to lowest point on record
Has it occurred to anyone that the problem isn't a fuckin credit crunch, just a bunch of broke indebted Americans with no demand for a house???????


Ummm, yes.


I know. I just had to say it.


It's more than just the broke indebted Americans. Maybe that was the first domino to fall but there's the politicians and special interests that managed to chip away at regulations designed to prevent dangerous lending. It's the companies that over-leveraged, over-borrowed, and over-built in their rush to soak up the American consumers money. It's governments not being prudent and cautious in lending and borrowing. It's a global financial system built to fail and fail in the most epic way. I guess it's just plain greed. We reap what we have sown.

My parents lived through the last Great Depression and learned the right way to live within their means. We're in for a great and hard fall.


Yes, I didn't mean to exclude corporations, politicians, governments, central banks and fiat currency.

However, what I have sown is not what will be left for me. I have NOT lived above my means, I do NOT use credit, I save and then buy cash. I have NO debt, NO payments.

But I will still suffer - in my opinion, more by these "bailouts" and the New new deal than the economy itself.
 Quoting: riker


Yeah. I know. I was just doing my "soapbox" thing. My wife and I used to drive through the "nice" part of town. You know the really nice new development where all the massive homes cost well over $800k and had 2 or 3 car garages housing the newest cars. We would look at each other and say "how do they afford these things?". I couldn't get past how the cost of even a modest home was so disproportional to the average salary. It just seemed absurd and yet all the business news shows said everything was just fine. It was insane.

My wife and I are doing well compared with most people even though I was jobless for seven months this summer / fall.

Thank God we never bought into that whole insane credit frenzy.
riker

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01/06/2009 02:58 PM
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Re: BREAKING NEWS Pending home sales index falls to lowest point on record
Well done OP. I'm glad I learned early and backpeddled out of the mess I had started to make in time!
You shall know the TRUTH, and the TRUTH shall set you free.
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rikerglp (at) gmail.com
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anonymous
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01/06/2009 03:06 PM
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Re: BREAKING NEWS Pending home sales index falls to lowest point on record
houses always sit unsold during winter and in hard regional recessions.....boom bust cycles are commom in house sales from sudden downturns ..equity drops in houses are commom in bust cycles .house prices can stay flat for 7 years in intry level executive homes during that period..
riker

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01/06/2009 03:15 PM
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Re: BREAKING NEWS Pending home sales index falls to lowest point on record
houses always sit unsold during winter and in hard regional recessions.....boom bust cycles are commom in house sales from sudden downturns ..equity drops in houses are commom in bust cycles .house prices can stay flat for 7 years in intry level executive homes during that period..
 Quoting: anonymous 587275


shit.... I'm looking at houses now. I could buy a house outright with 25,000 cash in a decent suburban neighborhood at the moment. It's not my dream location but hell to get rid of rent, own my own place, and then work on the dream home is my next step.

You wouldn't BELIEVE some of the deals right now!
You shall know the TRUTH, and the TRUTH shall set you free.
*********************************
rikerglp (at) gmail.com
*********************************
riker

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01/06/2009 03:33 PM
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Re: BREAKING NEWS Pending home sales index falls to lowest point on record
Time to start building log cabins on federal land.


I can honestly say the thought of doing that has gotten stronger by the month. There's the Appalachian mountains to the west that still have plenty of cheap land with water.
 Quoting: Anonymous Coward 564451


I have been considering this is in my daydreams lately. Not buying land, building a cabin on "public" land LOL.
You shall know the TRUTH, and the TRUTH shall set you free.
*********************************
rikerglp (at) gmail.com
*********************************

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