Dow tops 9,000 as home sales rise for 3rd month

[Roger Perry]

Economy picking up?

NEW YORK (AP) -- The Dow Jones industrials rose back above 9,000 for the first time since early January.
http://hosted.ap.org/dynamic/stories...07-23-15-12-27

[badbullgator]

I don't quite understand it. Here home sales have picked up, BUT homes are selling for 60% less than they once did and many are foreclosed sales. I am not sure how that is exactly a good thing. It is good for cash buyers, but really bad for those who are taking a beating on the sale. Three doors down from me a house that has been for sale (actually foreclosed on) for $450K sold for $219K and was bought as an investment by someone. In parts of Cape Coral houses that sold for 250-300K are going for 70K (they were never really worht 300K IMHO, hell in anyone in their right minds opinion). The thing I also notice is that even though a lot are being sold, nobody is living in them so I can only assume they are investments.

[Roger Perry]

I don't quite understand it. Here home sales have picked up, BUT homes are selling for 60% less than they once did and many are foreclosed sales. I am not sure how that is exactly a good thing. It is good for cash buyers, but really bad for those who are taking a beating on the sale. Three doors down from me a house that has been for sale (actually foreclosed on) for $450K sold for $219K and was bought as an investment by someone. In parts of Cape Coral houses that sold for 250-300K are going for 70K (they were never really worht 300K IMHO, hell in anyone in their right minds opinion). The thing I also notice is that even though a lot are being sold, nobody is living in them so I can only assume they are investments.

BBG, could you help me out, I seem to have a fuzzy memory.
When that $219K house inflated to $450K who was President?

[JDogger]

BBG, could you help me out, I seem to have a fuzzy memory.
When that $219K house inflated to $450K who was President?

That guy we're not supposed to talk about anymore.

Just bein' helpful,

JD

[Terry Britton]

Why can't we talk about Clinton anymore?

[Gerry Clinchy]

Home sales are not up everywhere.

Here in the Lehigh Valley we experienced a housing boom and inflation of housing prices. Can't compare to prices in places like California, but still a lot of $ for our area. Our sales for the month of June were down about 21%, as well as the median price.

[Henry V]

So, this is socialism? Wait, did socialism cause the market to adjust? Hmmm.

Looks to me like irrational exuberance and virtually free credit for many years led to a market based collapse that was inevitable. Government intervention has provided some stability (e.g. a backstop) which has helped and will result in an economy that will slowly recover.

[Henry V]

That guy we're not supposed to talk about anymore.

Just bein' helpful,

JD

Perhaps we should refer to him from now as as "the president who shall not be named".

[badbullgator]

BBG, could you help me out, I seem to have a fuzzy memory.
When that $219K house inflated to $450K who was President?

No crap! I did not know that. Huh you learn something new everyday. Are you saying Bush was president then and that there was a problem with the economy?
Pull your heads out of your asses. I don’t think ANYBODY here claims Bush was good for the economy? Quick poll….anyone….anyone…..anybody think Bush was good for the economy?
Ok then, what I asked was why an increase in home sales is necessarily good for the economy if the homes that are selling are selling for 40-60%+ less than a couple of years ago. I ask a serious question, because some people are doing well buying the greatly reduced homes, but many are also taking a huge financial hit to the point of being ruined. I did not ask who was president when home prices inflated, or who was responsible. You guys are so programmed to bash Bush that it seems to be all you can do even when your bashing him for something that I doubt you will get much argument about.

[JDogger]

Oh sorry...I forgot. We're all independents now.

Take yer pick. I did not vote for:

1 Obama

2 McCain

3 Bush

4 Gore

5 Clinton

Ad Nauseam...

Bashing the other guy is what we do here BBG. Come on get in the spirit.

BTW, people have made money and people have lost money in every administration since I've been around, and it doesn't appear to be changing all that much.

JD