Godlike Productions - Discussion Forum
Users Online Now: 1,602 (Who's On?)Visitors Today: 441,384
Pageviews Today: 751,040Threads Today: 190Posts Today: 3,648
08:18 AM


Rate this Thread

Absolute BS Crap Reasonable Nice Amazing
 

New Home Sales Tumble 11.3%, Biggest Decline in 12 Years

 
Anonymous Coward
User ID: 10264
United States
12/23/2005 11:56 AM
Report Abusive Post
Report Copyright Violation
New Home Sales Tumble 11.3%, Biggest Decline in 12 Years
New Home Sales Tumble 11.3%, Biggest Decline in 12 Years

[link to www.foxnews.com]

Friday, December 23, 2005

WASHINGTON Sales of new U.S. homes fell 11.3 percent in November, the biggest decline in nearly 12 years, as the number of houses for sale hit a record high, according to a government report on Friday that offered more evidence of a cooling housing market.

The Commerce Department said sales of new single-family homes fell to a 1.245 million unit pace in November -- slower than expected -- after striking a record in October.

Wall Street economists had expected sales to slow sharply in November, although only to a 1.305 million unit pace, due to rising interest rates. October's originally reported record rate of 1.424 million units was revised down to still-record 1.404 million.

The number of new homes on the market at the end of November climbed to a record 503,000. At the current sales pace, that represented 4.9 months' supply -- the highest level since December 1996, when the number of homes available for sale amounted to a 5 months' supply at the prevailing sales pace at that time.

The Commerce Department report showed new home sales fell throughout most of the United States, except for the Northeast, where sales rose 13.4 percent.

The median home sales price fell 4.1 percent in November to $225,200 from $234,800 the prior month, the Commerce Department said.

This report marked the latest in a string of data suggesting softening in the U.S. housing market after a five-year rally that toppled construction and sales records and pushed prices up more than 50 percent nationwide.

Following some anecdotal evidence of cooling over the summer months, economic data on the housing market began to offer signs of moderation after mortgage rates started to climb in September.

In the latest week, the 30-year fixed-rate mortgage loan averaged 6.26 percent, down slightly from 6.30 percent the previous week but up from 5.75 percent a year ago, according to Freddie Mac (FRE)
Anonymous Coward
User ID: 56266
United States
12/23/2005 12:33 PM
Report Abusive Post
Report Copyright Violation
Re: New Home Sales Tumble 11.3%, Biggest Decline in 12 Years
The Commerce Department said sales of new single-family homes fell to a 1.245 million unit pace in November -- slower than expected -- after striking a record in October.

Wall Street economists had expected sales to slow sharply in November, although only to a 1.305 million unit pace, due to rising interest rates. October's originally reported record rate of 1.424 million units was revised down to still-record 1.404 million.

The number of new homes on the market at the end of November climbed to a record 503,000. At the current sales pace, that represented 4.9 months' supply -- the highest level since December 1996, when the number of homes available for sale amounted to a 5 months' supply at the prevailing sales pace at that time.

The Commerce Department report showed new home sales fell throughout most of the United States, except for the Northeast, where sales rose 13.4 percent.

The median home sales price fell 4.1 percent in November to $225,200 from $234,800 the prior month, the Commerce Department said.

This report marked the latest in a string of data suggesting softening in the U.S. housing market after a five-year rally that toppled construction and sales records and pushed prices up more than 50 percent nationwide.
Vincent Vegas
User ID: 1583
United States
12/23/2005 12:37 PM
Report Abusive Post
Report Copyright Violation
Re: New Home Sales Tumble 11.3%, Biggest Decline in 12 Years
It's now a buyers market. chorus
Anonymous Coward
User ID: 2226
United States
12/23/2005 01:02 PM
Report Abusive Post
Report Copyright Violation
Re: New Home Sales Tumble 11.3%, Biggest Decline in 12 Years
Maybe I can afford a house now.
Anonymous Coward
User ID: 56283
United States
12/23/2005 01:45 PM
Report Abusive Post
Report Copyright Violation
Re: New Home Sales Tumble 11.3%, Biggest Decline in 12 Years
It shall grop another 20%
Anonymous Coward
User ID: 5897
United States
12/23/2005 01:52 PM
Report Abusive Post
Report Copyright Violation
Re: New Home Sales Tumble 11.3%, Biggest Decline in 12 Years
no bubble lasts forever. buy low sell high. that's the simple rule.
Anonymous Coward
User ID: 55628
India
12/23/2005 02:27 PM
Report Abusive Post
Report Copyright Violation
Re: New Home Sales Tumble 11.3%, Biggest Decline in 12 Years
December is bound to be twice as bad. We listed our house and this month has been completely dead. Like dead. I expect we will sell out house in january when everyone comes back to reality... but after that, it's over the cliff we go...

Now's the perfect time to sell.
Anonymous Coward
User ID: 56283
United States
12/23/2005 03:05 PM
Report Abusive Post
Report Copyright Violation
Re: New Home Sales Tumble 11.3%, Biggest Decline in 12 Years
What came up must go down
Anonymous Coward
User ID: 3724
United States
12/23/2005 03:18 PM
Report Abusive Post
Report Copyright Violation
Re: New Home Sales Tumble 11.3%, Biggest Decline in 12 Years
The bubble HAS burst; They're just not REPORTING IT YET.

If you haven't sold by now, you're STUCK with it (unless) you wanna be nickle-and-dimed to death!

That's what'll make this a BUYER'S MARKET, (you can buy cheap as sellers will become more & more desperate to sell), SELLERS are going to lose big-time, BUYERS are going to uncover some unheard-of deals!

AAAARGHHH!!! It's every man for himself!

woohoo scream woohoo
Anonymous Coward
User ID: 6080
United States
12/23/2005 03:19 PM
Report Abusive Post
Report Copyright Violation
Re: New Home Sales Tumble 11.3%, Biggest Decline in 12 Years
Wonder what the real number is......
koolaid
Shadow

User ID: 3608
Canada
12/24/2005 09:08 AM
Report Abusive Post
Report Copyright Violation
Re: New Home Sales Tumble 11.3%, Biggest Decline in 12 Years
>The fall-off will slow the economy and make business more difficult for homebuilders such as Toll Brothers Inc., whose stock price fell 29 percent in the last six months.<

[link to quote.bloomberg.com]

29% in 6 months. Insiders know what's happening.
Over the side and damn the barracuda





GLP