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

[badbullgator]

Don't start singing 'Happy Days Are Here Again'. New home sales for June 2009 were the second worst on record for any June since 1963. Shiller says "homeowners are still delusional in their thinking that the housing market will recover" and "now is not the time to buy a single family home".

U3 unemployment is currently around 9.5%. Roubini has it going to 11% and Whitney has it going all the way to 13%!! If Whitney's right with her prediction of 13% unemployment then housing still has a ways to go before bottom.

Remember...structured finance is DEAD. We will never see another housing bubble.

That is part of what I am getting at

[Lisa Van Loo]

We will never see another housing bubble.

That may not be such a bad thing.

My neice sells RE in CA. Some of the sales she was finalizing before the collapse made me really, REALLY wonder where we were headed. Can a staff sergeant with a wife and 4 kinds REALLY afford $4000 mortgage payments? That's just one example. People were buying RE on a wing and a prayer, all pipe dream, no real sense of how money works, how they were going to make those ARM payments. "I want it, so I am going to get it." is not a very adult way to conduct one's life.

It has been painful, but hopefully, Americans have learned the hard lesson about being able to keep the promises one makes when borrowing $. For anything.

Lisa

[txbadger]

With retail in double digit decline & about 70% of GDP is the consumer, I'd be careful.

[dnf777]

Don't start singing 'Happy Days Are Here Again'. New home sales for June 2009 were the second worst on record for any June since 1963. Shiller says "homeowners are still delusional in their thinking that the housing market will recover" and "now is not the time to buy a single family home".

U3 unemployment is currently around 9.5%. Roubini has it going to 11% and Whitney has it going all the way to 13%!! If Whitney's right with her prediction of 13% unemployment then housing still has a ways to go before bottom.

Remember...structured finance is DEAD. We will never see another housing bubble.

We should have never seen the last housing bubble...irresponsible lending and borrowing, that is. I remember seeing on the news a couple (school teacher and paramedic) losing their house because their ARM adjusted up. This was on a $600,000 home. My mom was a teacher, and my dad worked for USS, and we couldn't SPELL 600,000!!! let alone borrow that much! (nor would he have wanted to)

For those folks who borrowed on the edge of their limits with ARMS.....tough cookies! Look for an affordable apartment now, and live the way millions of responsible Americans have.....within their means!

[badbullgator]

I saw on the news last night that while housing sales had increaded it was actually the smallest increase since the 60's!

[road kill]

I saw on the news last night that while housing sales had increaded it was actually the smallest increase since the 60's!

2 items I followed up on after reading this thread.

#1--One of my best friends builds custom homes in AZ, well, not so much lately. NO starts this month, the worst July since he has been in business. He has some homes under construction, and they are very nice (couple million $$'s). But nothing in the "mid-ranges" using his words.

#2--I work out with a custom home builder in WI. All he would say is that it's dead. I asked for statistics / %'s, he did not give me that, just not a good summer.

I don't have youtube links or a Snopes verification, these are just real people that are in the business.

stan b

[badbullgator]

New home permits for 2008 in our area 2124, new home permits in 2005 30,415, 2006 20,916.
This year to date .....314!

[K G]

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

Well, it was nice while it lasted....

kg

[Bob Gutermuth]

The economy ain't gonna get better until Osama loses the election in 2012.

[subroc]

Let me know when it reaches 14000...