Stocks Fall, Home Sales Plummet
24/07/08 17:48
Can the US economy continue to absorb the losses being dealt to it? As consumers rein in their spending and families continue to lose homes and buying power, what hope is there to fuel a comeback? The government continues to infuse the banks and mortgage holders, but how long can that continue? The country is already bankrupt and the debt continues to pile up...where will it all end? We cannot continue to print and distribute money against hard assets that do not exist! One thing is for certain, the way of life in this country is being redefined on almost a daily basis.
The market fell steadily all day and did not experience any sort of rebound before markets closed. Financials ended with their worst drop in 8 years amid bad news on home sales. Sales of existing homes fell to the lowest level they have seen in 10 years and home sales forecasts did not materialize. Analysts predict the housing slump bailout will now cost $1 trillion dollars! Read the story here.
The National Association of Realtors reports that sales of existing homes are down 2.6% from May. That equals the level of home sales from 10 years ago. Overall home sales are down 15.5% from the pace they were at just a year ago, when the market was already beginning to slow. The median price of single family homes has fallen 6.7% from the same period just a year ago. As existing inventories continue to rise and consumers cut back on spending, prices will continue to fall. Many pospective buyer are sitting on the sidelines until the market stabilizes. How low will it go? Read the story here.
As prices continue to rise, budgets are meeting a shortfall. Creative solutions must be found and some school districts are resorting to a shorter week, to offset the rising costs of energy and other expenses. Some districts are experiencing dramatic savings by cutting a day out of the normal 5-day schedule. Read the story here.
Until next time...
The market fell steadily all day and did not experience any sort of rebound before markets closed. Financials ended with their worst drop in 8 years amid bad news on home sales. Sales of existing homes fell to the lowest level they have seen in 10 years and home sales forecasts did not materialize. Analysts predict the housing slump bailout will now cost $1 trillion dollars! Read the story here.
The National Association of Realtors reports that sales of existing homes are down 2.6% from May. That equals the level of home sales from 10 years ago. Overall home sales are down 15.5% from the pace they were at just a year ago, when the market was already beginning to slow. The median price of single family homes has fallen 6.7% from the same period just a year ago. As existing inventories continue to rise and consumers cut back on spending, prices will continue to fall. Many pospective buyer are sitting on the sidelines until the market stabilizes. How low will it go? Read the story here.
As prices continue to rise, budgets are meeting a shortfall. Creative solutions must be found and some school districts are resorting to a shorter week, to offset the rising costs of energy and other expenses. Some districts are experiencing dramatic savings by cutting a day out of the normal 5-day schedule. Read the story here.
Until next time...