Wednesday, August 25, 2010

Home Sales - Worst Ever!

posted by What Makes Us Right

So let me get this straight, the great savior has done an unbelievable job over the last 2 years!   According to the BO administration:
  1. BO has stimulated the economy.  
  2. Job growth is booming.  
  3. Unemployment is at an all time low.
  4. People are saving at record levels. 
  5. Taxes have been cut.
  6. Government spending has been reduced. 
  7. Home sales are exploding.
OK, apparently the libs are drinking their own Kool Aid.   The economy is in shambles (yeah I know, it was inherited).  Unemployment is still hovering around 10% for new claims (don't forget those who are no longer counted).  People are tapping into their 401k's at record paces for early withdrawals and loans.  The Bush tax cuts are being repealed.  Obamacare and the bailouts have put us at an all time high in deficit spending.  And finally, there is this report today that new home sales are selling at the worst pace ever!

July sales dropped 12.4% from the previous month to the lowest levels since 1963 and the last three months are the worst ever.  Why is this important, new home sales lead to new home construction. This leads to additional job growth and additional revenue from the taxes from these jobs.  The combination of foreclosed homes on the market, the high unemployment, slow job growth, and tightened credit have crippled the market.  Add  in all of the new regulations on the banking industry and any hope that this was getting better is now out the window.  We have a very long way to go and to be honest, I am not sure anyone has the fix!  Time just might be the only solution.


5 comments:

Amusing Bunni said...

Obummer & Co. think by spewing lies all the time will make it so, we're on to his game! It's SO BAD in Chicago, existing home sales are the worst in like 50 years and dropped 30% or so, along w/ values. I'll be stuck here forever at this rate, I hope it turns around, but it might take 2 years, at least!

Woodsterman (Odie) said...

The crooks in Washington should be proud of themselves. Wow, just look at what they've accomplished.

Christopher - Conservative Perspective said...

Sad but true commentary but there are fixes should America get the right representatives who listen and heed the words of REAL economists and historians.

Names that come to mind are Art Laffer, Thomas Sowell and Steven Moore just to name three.

But in the end it is Americans who must decide and God be with us they decide correctly this time and in the future.

What Makes Us Right said...

Bunni, I sold my house in Chicago at the front end of the Recession, and I lost my shirt on the deal. I feel for you trying to sell now!

What Makes Us Right said...

Getting out of this recession is going to take more than big words from obummer. Just because he says so doesn't make it so...