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Housing Sales Collapsing

October 28th, 2013 - 2:29 pm

About that bubble — it might already be popping. John Nolte has the story:

For the fourth month in a row, homes sales dropped in September by nearly 6%, to the lowest level of pending sales of existing homes since December of 2012. Naturally, the media want to try and blame the GOP for a fourth month trend. The LA Times writes that the government shutdown “weighed on sales.” Zero Hedge not only proves that isn’t true, but points out that this is the biggest drop in almost four years.

The takeaway data from the LA Times story was this:

“Declining housing affordability conditions are likely responsible for the bulk of reduced contract activity,” the Realtors’ chief economist Lawrence Yun said in a statement.

We’re stuck in this New Deal thinking, that the way to return to prosperity is to make everything — housing, equities, insurance, food, energy — more expensive.

Funny how people stuck in part-time jobs can’t afford bubble-priced houses.

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"We’re stuck in this New Deal thinking, that the way to return to prosperity is to make everything — housing, equities, insurance, food, energy — more expensive."

Well, of course. Everyone wants to live in a $1 million home, drive a $100,000 car, wear a $3,000 suit, drink $300 scotch, etc.
37 weeks ago
37 weeks ago Link To Comment
How is NYT's inflating our way to prosperity doing?
38 weeks ago
38 weeks ago Link To Comment
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