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"New U.S. home sales jumped in June by the largest amount in more than eight years"

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TomCADem Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Jul-27-09 12:40 PM
Original message
"New U.S. home sales jumped in June by the largest amount in more than eight years"
I know that we, like the media, like to dwell on the negative, but new U.S. home sales have jumped by the largest amount in more than eight years. My take is that President Obama's various efforts to make mortgage lending available, as well as slow down the slide in home prices, which was keeping buyers on the sidelines, is starting to work.

Of course, when employment starts to recover, aided in large part by stimulus funding to state and local governments and infrastructure projects, I am sure that no one will give credit to the stimulus even though across the Pacific in China, China's rapid recovery is attributable to its massive stimulus spending.

Go figure.

http://www.msnbc.msn.com/id/32170761/ns/business-real_e... /

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WASHINGTON - New U.S. home sales jumped in June by the largest amount in more than eight years as buyers took advantage of bargain prices, low interest rates and a federal tax credit for first-time homeowners.

While home prices are still falling, the figures released Monday were another sign the housing market is finally bouncing back. Data out last week showed home resales rose 3.6 percent in June, the third straight monthly increase.

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global1 Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Jul-27-09 01:41 PM
Response to Original message
1. What Usually Follows Is That Those That Bought The Homes Need To.....
fix them up, furnish and decorate them. That means that they'll be out purchasing things at Lowe's, Home Depot and Menard's as well as furniture and appliances, etc. Inventories have been cut back and once a dent is made in these inventories - they'll need to be replenished. Perhaps that means in calling back workers in the manufacturing sector - which with jobs and income back will start spending again. Looks like we might be seeing some light at the end of the tunnel.
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ProSense Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Jul-27-09 02:36 PM
Response to Original message
2. Good news. n/t
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Rosa Luxemburg Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Jul-27-09 02:50 PM
Response to Original message
3. See, Obama made the house prices go up!
:fistbump:
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LooseWilly Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Jul-27-09 02:52 PM
Response to Original message
4. Wonderful news... if you already own a home.
If you're renting and out of work... it's just one more affluent tease.
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Kber Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Jul-27-09 07:25 PM
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5. Also consider the first time buyers tax credit
financed by the stimulus plan.

That's got a lot to do with clearing out the unsold inventory of new homes. Once we can get that number down more, we can start building homes, which will then create jobs in various sectors.

It's a start.
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