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June has traditionally been an up month....yearly figures show a clearer picture.
There is also the matter of whether the figures used by the Census Bureau are correct...
And of course home prices fell 12% from last June.
True, todays figures do not adjust for seasonal changes. But it is the first time in 3 years the month to month was up. The yearly is still dreadful though. Down 17%.
This is great news... As you know with the purchase of newly constructed homes comes orders for durable goods and later jobs. Jobs are most always last to recover in a recession...
Really Duke...
Could it be the $8000 tax credit...Gee... maybe tax cuts really do work to stimulate the economy...
Funny thing is last year wasn't like a boom year either...I wonder how this years figures compare to two years ago??
I say all this while sitting in our house that has been on(and off) the market for almost two years and has had us lower the price from over $250,000 to the current price of $168,000....you would think I would be try to be more positive about the situation.
Could it be the $8000 tax credit...Gee... maybe tax cuts really do work to stimulate the economy...
This is also correct. and as we approach the end of the year more urgency will be there to take advantage of the $8000 put in people's pockets so sales should increase. I would be shocked is the tax credit is not extended into next year as well. Possibly modified to be more lucrative to first time home buyers.
Sales of new one-family houses in June 2009 were at a seasonally adjusted annual rate of 384,000, according to estimates released jointly today by the U.S. Census Bureau and the Department of Housing and Urban Development. This is 11.0 percent (±13.2%)* above the revised May rate of 346,000, but is 21.3 percent (±11.4%) below the June 2008 estimate of 488,000.
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