Economy

[Kracka]

While Obama and his cronies tell us how well the economy is recovering thanks to their genius work, things just sink lower and lower...

http://money.cnn.com/2010/08/24/real_estate/existing_home_sales/

The housing market is now doing the exact same thing the auto market did after the 'clunkers' hand-out "stimulus" program. This crap isn't enticing anyone to buy that wasn't planning on it, it's just making them buy sooner leading to a drought afterward!

[turbotalon1g]

YAy!
TX or canada don't seem bad at this point.

[Matt D.]

My friend shared this earlier today.

July sales were down 27.2 percent from June. It was the lowest rate for existing-home sales, which include houses, condos, co-ops and town houses, since 1999. For sales of single-family homes, it was the lowest rate since 1995.

Bye bye economy, it was nice knowing you. :(

[Kracka]

All the markets have tanked today. Good work Obama and team.

[Shane@DBPerformance]

The whole housing market of the 2000s was nothing but a bubble, it wasn't normal. It will probably never be anything like that again. A lot of artificial wealth was gained and lost and borrowed against. Some people got out at the right times and made money, while a lot of people found out that maybe they shouldn't be living in a McMansion and driving a Lexus. It's going to be hard to have a real economy when the US doesn't want to actually make anything or do any manual labor. Not everybody can have a high paying job as a middle manager, sales person, working with imaginary money, etc, eventually a few end up with most of the money or it makes it's way out of the country.

[Goat Blower]

Exactly, and until the market corrects itself, we're in for a bumpy ride. Surprisingly, the housing market in my neighborhood has been getting better, and there's actually a lot of new construction, which hadn't happened for a good three years.

[tpunx99GSX]

The whole housing market of the 2000s was nothing but a bubble, it wasn't normal. It will probably never be anything like that again. A lot of artificial wealth was gained and lost and borrowed against. Some people got out at the right times and made money, while a lot of people found out that maybe they shouldn't be living in a McMansion and driving a Lexus. It's going to be hard to have a real economy when the US doesn't want to actually make anything or do any manual labor. Not everybody can have a high paying job as a middle manager, sales person, working with imaginary money, etc, eventually a few end up with most of the money or it makes it's way out of the country.
True, all that the obama stimulus was doing was softening the blow, so it didnt just tank and stay tanked. The government had to do something. they cant make people buy, the people have to feel confident enough to buy. Also what the credits did is entice people who were waiting for the housing prices to go FURTHER down buy sooner as if the house just went down another 8000 bucks.

[Kracka]

housing prices to go FURTHER down
Which is what they're doing now. I won't lie, I took the $8k since it was being handed out like candy and figured it would help recoup some of what's already been taken from me, but it had nothing to do with our decision to purchase a home and I don't agree with it one bit.

[tpunx99GSX]

I don't agree with it one bit.

Then give it back. :) or give it to me.

[Kracka]

I like money in my pocket, I'm keeping what was once mine anyway :) You think it would be easier to just not take it in the first place, but what do I know...