Home sales in the U.S. probably teetered near a 10-year low, property values dropped and consumer spending cooled, signaling the economy has taken another turn for the worse, reports this week may show.
A total of 5.435 million new and existing homes were purchased in July at an annual pace, according to the median estimate of economists polled by Bloomberg News. June’s 5.39 million rate was the weakest since at least 1999. Spending probably rose 0.3 percent in July, half the prior month’s gain.
The real-estate recession will persist into next year as stricter lending rules and higher borrowing costs shackle demand. At the same time, equity is disappearing as home prices fall, and wages aren’t keeping up with inflation, depriving Americans of the means to maintain spending, the biggest part of the economy.
article continues below
“The economy is going down a shaky path,” said Maxwell Clarke, chief U.S. economist at IDEAGlobal Inc. in New York. “We’re not going to see a rebound in housing anytime soon. Consumers are living hand to mouth, and the outlook for spending is very weak.”
Purchases of new houses dropped 0.9 percent to an annual rate of 525,000, according to the median estimate of economists polled ahead of a Commerce Department report on Aug. 26. March’s 513,000 pace was the lowest since 1991.
August 24th, 2008 at 11:55 pm
Brace yourselves for the worst it could get bad. Ive kind of thought all along that this collapse of the real estate bubble wont recover anytime soon.Perhaps never!!!Its crazy cause people are so dumbed down that they dont realize that this all very carefully orchestrated to consolidate the money and more importantly the Power.People think were crazy
August 25th, 2008 at 2:55 am
I’m thinking it would be a good idea to take advantage of the current 15% long term capital gain tax rate before Obama is elected. Moving any gold investments to physical metal in your possession or in a swiss or Lichtenstein vault might not be a bad idea. I like bullionvault.com. A swiss stock broker might not be a bad idea either. It’s only a matter of time before hard assets are seized {about the same time the treasury can’t sell 30 year bonds), and there are currency controls limiting removing wealth from the country. It’s so much easier to leave the country if your money has proceeded you.
August 25th, 2008 at 3:03 pm
“Existing home sales rise, but prices still sinking
Sales by homeowners increased more than expected in July, as median prices fell 7% from July 2007. But supplies still rise to a record high, pushing prices even lower.”
http://money.cnn.com/2008/08/2.....topstories
Our economy is getting worse and worse!
The perps want their exotic weapon technology to be kept secret!
The REAL Truth of 9/11:
Directed Energy Weapons
Hutchison Effect
Hurricane Erin
Magnetometer Data
Holograms
Computer Generated Images
Why else would Steven Jones, who worked with exotic technology at Los Alamos, and who discredited free energy research in 1989, promote “explosives” and “molten metal”?
Why else would Van Romero, who made presentations about directed energy weapons at the Directed Energy Professional Society, say the towers could have been destroyed with “a relatively small amount of explosives”? Look at these three pictures. Did Romero actually think it was done with “a relatively small amount of explosives”??
http://i87.photobucket.com/alb.....leases.jpg
http://i87.photobucket.com/alb.....ombine.jpg
http://i87.photobucket.com/alb.....erizon.jpg
There was NO molten metal!
WTC Molten Metal: Fact or Fiction?
http://www.checktheevidence.co.....;Itemid=60
The ‘opposition’ is controlling the “truth movement”
Lenin, the first Communist dictator after the takeover of Russia in 1917, is widely credited with the following quotation, “The best way to control the opposition is to lead it ourselves.”
Wake up people, before it’s too late…
Debunking the 9/11 *Anti-No-Plane-Theory* Myths
http://www.checktheevidence.co.....;Itemid=60
The 9/11 Truth Movement, Free Energy Suppression and the Global Elite’s Agenda
http://www.checktheevidence.co.....;Itemid=60