a report released Friday indicated that sales were stumbling even with significant government support.
Sales of existing home in January fell 7.2 percent to a seasonally adjusted annual rate of 5.05 million, according to a report by the National Association of Realtors. Analysts had expected an increase of 0.9 percent.
Lawrence Yun, chief economist for the realtors group, called the report “not encouraging” and said in a statement that it “raises concern about the strength of the recovery.”
... Worries that the housing market could slip into another downturn resurfaced this week in the wake of several disappointing reports. Applications for mortgages dropped to the lowest level in 13 years last week. Sales of new homes fell to the lowest level since record-keeping began in 1963.
OBAMACARE WON'T FIX THIS - AND NEITHER WILL RAIDING TAXES ON THE WEALTHY.
ONE THING WILL - IMMEDIATELY: AN ACROSS THE BOARD TAX CUT: A PAYROLL TAX HOLIDAY FOR THE REST OF THE YEAR!
THE DEMS WON'T EVER DO THIS, SADLY.
VOTE ACCORDINGLY.
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