STILL, IT’S NOT ALL TERRIBLE NEWS FOR THE HOUSING MARKET
|| By FITSNEWS || This website has expended a lot of ink (err, bits? bytes?) on the housing “recovery.” Well … such as it’s been, anyway.
The latest? New home sales (which comprise roughly eight percent of the housing market) plunged in June to their lowest level in seven months, according to data released by the U.S. Commerce Department. In fact they dipped below the magic line of 500,000 units sold (expressed on an annual basis) for the first time this year.
Data from previous months was also revised lower …
Meanwhile, the median price for a new home also declined by 1.8 percent to $281,800.
It’s not all bad news for the U.S. housing market, though. Sales of existing homes climbed 3.2 percent in June – reaching an annual rate of 5.49 million. That’s the highest on record since February of 2007.
Is that uptick sustainable, though, given rampant joblessness and anemic wage growth?
No, not really …
24 comments
All the millennial Hippsters want 400 sq ft tiny houses. Marketplace needs to respond.
You can find lots of 800 sq. ft. homes in older neighborhoods. 400 sq ft is just showing off.
You reminded me of the day I met with the Big Wigs of Salley to discuss purchasing property. They told me there was acreage available for $1.00 per square foot. After we returned from lunch they walked me over to the railroad tracks, and pointed down between the rails, and then told me I could start at either end!
$1/square foot… for land? Is this Malibu? Those Big Wigs were trying to sell railroad property.
Riiiight! It was their local joke. The railroad tracks which went straight through town were abandoned. The town made a sidewalk — a long, long, sidewalk that they never leveled. They have good folks in Salley.
At one time they had one young cop and one old Ford sedan for his car. The town had no money to repair his car, so they gave him a bicycle. It was a hoot! I witnessed him in a high speed chase on his bicycle to catch a black guy and give him a ticket — for riding at night without a headlamp!
SOMEBODY STOP ME — I’M ON THE FLOOR LAUGHING ABOUT THIS ONE!
Salley used to invite the POTUS to the Chitlin’ Strut, but they all politely declined until they got a letter from President Clinton. He told them he couldn’t come but he would send an emissary from the White House. Man-O-Man the excitement at town hall! They made special preparations for his arrival.
The guy was picked up at the Columbia airport by a State Trooper who just couldn’t wait to see the reception this guy got from the Mayor.
OK, they arrive and the trooper escorts the guy into the mayor’s office. The mayor was introduced to a big, tall black guy in a three-piece suit! Wish I had been there….
Squishy, it finally hit me — I meant to post as $1 per acre (how my mind deteriorates with aging)….
A 5.5 million existing home market and roughly 500K new home sales is actually, by historic standards, a sustainable and healthy housing market. No one should ever look at housing sales between 2004 and 2007 as being an indicator of a healthy housing market. That was an over-inflated, bubble housing market with the corresponding results. Please, let’s keep some historical perspective.
When you engage in such torture to explain, you have guilt and failure written all over yourself. Of course, we already know it was you who fucked up.
And the people know too. (just look at Hillary’s plummeting numbers and the election results of 2014.)
Hold out your fist. Extend your middle finger. Now fact the back of the your hand toward yourself.
Housing market is doing great. Just more GOP talking points. Lets talk down the economy. Can’t let people know that the damage done by the Bush mini-depression has been almost completely repaired. If you do, what will you talk about.
DUH…
What’s hilarious, if not pathetic, is that FITSNews is continually surprised to learn that Obama lied you Dumb asses. THIS iS YOUR fAULT!!!
My guess: You’re so fucking Stupid, you probably believe Hillary that the GOP did it, and you have to vote for her to fix the Fucking mess Obama has made.
Don’t you sell title loans Big T?
CAR-IS-YOURS — THEN-IT-IS-MINE
Put my house on the market 2 weeks ago and had a contract on it in two days. When you price your house correctly and realistically it seems to do better.
Amen.
Best Working part time680.78$perday
>l…
http://www.ExpressWorldmedia.pointNetwork/Money/work
A double wide isn’t a “home”.
New sales are tanking if they are $200, maybe $150 or below. Why? When the housing bubble burst, investors bought up properties and rent them out. They do a crappy job based on all I have read, but this isn’t news. Look at properties above $200k.
Companies like this – who are lousy properties managers IMHO, but scooped up a great deal of real estate at the right price:
American Homes 4 Rent is a real estate investment trust. The firm engages in the acquisition, renovation, leasing, and operating single-family home rental properties in the United States. American Homes 4 Rent was founded in 2012 and is based in Malibu, California.
http://www.wsnewspublishers.com/pre-market-stocks-recap-american-homes-4-rent-nyseamh-abengoa-yield-nasdaqaby-liberty-ventures-nasdaqlvnta-f-n-b-corp-nysefnb/1518577/
What shit part of the world do you live?
Put a shack up for sale in Mt Pleasant and within 2 hours there are 5 Ohioans ready to pay asking price+ for it.
You should move to somewhere people actually want to live.
Who the fuck wants to live in Charleston? That’s almost as bad as wanting to move to Columbia.
Well, there’s always Cayce I guess.