DOW closes above 9,500 (regular, suspect, economy, money)

[LordBalfor]

(so much for the claim that the DOW wouldn't hold up above 8,000 that some posters made).

And -

NASDAQ back above 2,000
S&P back above 1,000

Housing sales up to the highest point in 2 years (and with the biggest monthly increase on record).

Things are looking up. The economy is on the mend.


Ken

[ViewFromThePeak]

Thanks, I needed a good laugh.

[LordBalfor]

Originally Posted by ViewFromThePeak

Thanks, I needed a good laugh.

Glad I could make you happy.
I suspect I'll be doing that a LOT.



Ken

[ViewFromThePeak]

Originally Posted by LordBalfor

Glad I could make you happy.
I suspect I'll be doing that a LOT.



Ken

Went to the gun store over the weekend and picked up a boatload of rifles for 50% of what they were going for last year (the owner knows someone who was selling off their rifles through the store, probably to put food on the table). Raleigh house prices are finally starting to come down. It takes a while for stubborn people to let go of their anger. I have to hold back the laughter as I go through with the exchange so they don't get too p*ssed off at me for the schadenfreude written all over my face.

[cleanhouse]

here is an interesting breakdown:

Existing Homes: What's Really Selling - Realty Check with Diana Olick - CNBC.com

U.S. Existing Home Sales Yr/Yr
$0 - $100,000Up 38.8%
100,000 - $250,000Up 8.7%
$250,000 - $500,000Down 6.2%
$500,000 - $750,000Down 8.9%
$750,000 - $1,000,000Down 10.6%
$1,000,000 - $2,000,000Down 23.3%
$2,000,000+ Down 32.4%

[LordBalfor]

Originally Posted by ViewFromThePeak

Went to the gun store over the weekend and picked up a boatload of rifles for 50% of what they were going for last year (the owner knows someone who was selling off their rifles through the store, probably to put food on the table). Raleigh house prices are finally starting to come down. It takes a while for stubborn people to let go of their anger. I have to hold back the laughter as I go through with the exchange so they don't get too p*ssed off at me for the schadenfreude written all over my face.

Well, I'm glad you are pumping money into the economy.


Ken

[Marlow]

Originally Posted by cleanhouse

here is an interesting breakdown:

Existing Homes: What's Really Selling - Realty Check with Diana Olick - CNBC.com

U.S. Existing Home Sales Yr/Yr
$0 - $100,000Up 38.8%
100,000 - $250,000Up 8.7%
$250,000 - $500,000Down 6.2%
$500,000 - $750,000Down 8.9%
$750,000 - $1,000,000Down 10.6%
$1,000,000 - $2,000,000Down 23.3%
$2,000,000+ Down 32.4%

So....first time home buyers are buying affodable houses. Is that a problem?

[ViewFromThePeak]

Originally Posted by LordBalfor

Well, I'm glad you are pumping money into the economy.


Ken

Thanks. Just more proof that free markets work (prices fall, sales rise) and that Keynesian witchdoctoring is passe and outdated except in the ivory towers.

[cleanhouse]

Originally Posted by Marlow

So....first time home buyers are buying affodable houses. Is that a problem?

no, I will be one of them soon.

[LordBalfor]

Originally Posted by cleanhouse

here is an interesting breakdown:

Existing Homes: What's Really Selling - Realty Check with Diana Olick - CNBC.com

U.S. Existing Home Sales Yr/Yr
$0 - $100,000Up 38.8%
100,000 - $250,000Up 8.7%
$250,000 - $500,000Down 6.2%
$500,000 - $750,000Down 8.9%
$750,000 - $1,000,000Down 10.6%
$1,000,000 - $2,000,000Down 23.3%
$2,000,000+ Down 32.4%

Thought this statement was interesting (and I agree with her):

"This pricing scenario seems like a no-brainer argument for extending the first time homebuyer tax credit. Now anyone who reads my blog regularly knows I am not a big fan of government bailouts in the housing market. But if something's working, which this credit clearly is (30 percent of buyers in July were first timers), then we should give it a little more time. "

I expect it will extended.

Ken