US Home Sales Increase

[Stinky The Clown]

That's the good news.

The bad news (or other good news, if that's your perspective) is that a huge drop in prices is the reason why.

http://news.bbc.co.uk/2/hi/business/7311465.stm

[Adsos Letter]

1. There have been ads running in our area...

where two women discuss how one of them bought a "gorgeous new home" and the other replies that it is a great buying opportunity now that there are so many foreclosures....

I suppose it's true...still seems in pretty poor taste, though.

[Warren DeMontague]

2. The truth of the matter is, a lot of those foreclosures are on homes bought for speculative profit

purposes.

I don't want to see real estate values tank, either, but I make a distinction between someone being forced out of their home and someone losing a house they were trying to make a quick buck on.

[Adsos Letter]

3. That certainly wasn't the case with our neighbors across the street.

[Warren DeMontague]

7. I'm not making some kind of blanket statement about all foreclosures.

I'm just saying I make a distinction between those 2 situations. Part of the problem the economy is facing has to do with rampant real estate speculation, that's a fact.

[Adsos Letter]

9. "I'm just saying I make a distinction between those 2 situations..."

Too bad the adds don't...

[Stinky The Clown]

4. Do you know that or are you speculating?

[Warren DeMontague]

6. I know that in my area there's been a lot of speculation.

I just make a distinction between those 2 situations, that's all.

[taught_me_patience]

5. Totally wrong

it increased 2.9% over Jan, which, historically is the worst month for home sales. If you look year over year (feb 08 vs. feb 07), you'll see that it actually decreased 23.8%. People are fooled so easily...

[El Pinko]

8. It's a small increase since January - the worst month on record...

Also Feb still posted a large drop in sales since Feb of last year.

This is nowhere near the bottom.

[SoCalDem]

10. The vultures have arrived to pick the bones clean

they always show up when distressed people have to sell..
:grr:

[spinbaby]

11. Every day, I hear it's a great time to invest

Every day, like clockwork, someone comes on the news somewhere and tells us what a great time it is to invest in real estate.

[Stinky The Clown]

12. That may be because it actrually is a good time to invest in real estate

At least in the sense that it is a good time to buy a house to live in.

I'm not sure about buying 'investment property' right now.

Although ....... if one is in it for the long term and not to make a quick buck, it is even a good time to buy investment property.