New Home Sales Fall by Record Amount
January 28th, 2008Come on, Ben. You can do it, buddy.
Via: AP:
Sales of new homes plunged by a record amount in 2007 while prices posted the weakest showing in 16 years, demonstrating the troubles builders are facing with a huge backlog of unsold homes.
The Commerce Department reported that sales of new homes dropped by 26.4 percent last year to 774,000. That marked the worst sales year on record, surpassing the old mark of a 23.1 percent plunge in 1980.
Posted in Economy | Top Of Page
from marketwatch.com: http://tinyurl.com/yosq7t
“Sales of new homes fell 4.7% to a seasonally adjusted annual rate of 604,000 in December, far below the 645,000 expected by economists surveyed by MarketWatch and the lowest sales pace since February 1995. See Economic Calendar.”
“Far below 645,000 expected by economists surveyed by MarketWatch…”?! You… you mean… experts can be WRONG??!!!
Obviously, I jest, but it’s amazing how many people put almost all their eggs in the basket of “expert opinion”, despite abundant evidence that this strategy is becoming less reliable every day. Experts have their place, of course, but when we live in a world drunk with greed, I think the press should be insisting on a lot more breathalyzer tests before they let these “experts” drive. Of course, that would necessitate a press that wasn’t also drunk on greed, egoism, etc, so… Never mind 😉
Unfortunately, the “experts” are just self-interested people–or the paid stooges of self-interested people.
The folks in real estate are very busy calling a bottom to home prices. Facts suggest otherwise.
When this new plan to stimulate the economy by giving away a few hundred bucks doesn’t work, maybe for the next stimulus plan the feds will give away free houses.