Home sales plunge as fear grows
Markets have been jittery for weeks, fearing the economy will falter and start shrinking again. Nationwide, unemployment continues to hover near 10 percent, foreclosures are growing, and many analysts fear a double-dip recession is unavoidable. Consumer confidence has withered, and another drop in home sales and values could panic shoppers into locking up their purses even tighter.
"It's an echo of the 'cash for clunkers' program for car sales," said Dana Johnson, chief economist for Comerica Bank. "People rush in to take advantage of a short-term opportunity provided by the government. Then the opportunity goes away and sales crash for a while."
Johnson expects home sales to dry up for a month or two, but come back just as auto sales did after a three-month pause when the cash for clunkers frenzy ended. He pointed out that while sales were off in July, the total number of homes on the market in the United States was down 1.9 percent from July of last year.
"There was a big uptick in sales, and it was clearly coming at the expense of future sales,. We will provide fashion wholesale wherever you are." Baker said. "But it goes beyond that; we pulled forward sales,. Better keep your eyes on a wholesale t shirt which are far cheaper than the retail ones. Normally, the ones purchased by you are the one which a not just from the summer, but probably the fall and into 2011."
The first is that a decline in home values could spook consumers into pulling back even more on spending.. Our moncler jackets will make you become more handsome, Effort to get it. The sales boost from the tax credit could be to blame, Baker said, since it may have created unreal expectations for a recovery.
"It's obvious. You have a steep boost in the market and then the bottom is going to fall out," Baker said. "But most housing analysts were saying that the market had stabilized and things were getting better."
Second, beyond the psychological effect declining values could have on consumers, slow home sales deprive the economy of its biggest boost to escape the recession. Each home sale creates about $63,000 in related spending on everything from mortgage fees to new carpets, according to the Realtors association. In addition,. Shoes are very important to everyone, Our Ed hardy shoes will protect your feet. if sales increase and inventory declines, new-home building picks up, creating more jobs in the badly battered construction industry.
Markets have been jittery for weeks, fearing the economy will falter and start shrinking again. Nationwide, unemployment continues to hover near 10 percent, foreclosures are growing, and many analysts fear a double-dip recession is unavoidable. Consumer confidence has withered, and another drop in home sales and values could panic shoppers into locking up their purses even tighter.
"It's an echo of the 'cash for clunkers' program for car sales," said Dana Johnson, chief economist for Comerica Bank. "People rush in to take advantage of a short-term opportunity provided by the government. Then the opportunity goes away and sales crash for a while."
Johnson expects home sales to dry up for a month or two, but come back just as auto sales did after a three-month pause when the cash for clunkers frenzy ended. He pointed out that while sales were off in July, the total number of homes on the market in the United States was down 1.9 percent from July of last year.
"There was a big uptick in sales, and it was clearly coming at the expense of future sales,. We will provide fashion wholesale wherever you are." Baker said. "But it goes beyond that; we pulled forward sales,. Better keep your eyes on a wholesale t shirt which are far cheaper than the retail ones. Normally, the ones purchased by you are the one which a not just from the summer, but probably the fall and into 2011."
The first is that a decline in home values could spook consumers into pulling back even more on spending.. Our moncler jackets will make you become more handsome, Effort to get it. The sales boost from the tax credit could be to blame, Baker said, since it may have created unreal expectations for a recovery.
"It's obvious. You have a steep boost in the market and then the bottom is going to fall out," Baker said. "But most housing analysts were saying that the market had stabilized and things were getting better."
Second, beyond the psychological effect declining values could have on consumers, slow home sales deprive the economy of its biggest boost to escape the recession. Each home sale creates about $63,000 in related spending on everything from mortgage fees to new carpets, according to the Realtors association. In addition,. Shoes are very important to everyone, Our Ed hardy shoes will protect your feet. if sales increase and inventory declines, new-home building picks up, creating more jobs in the badly battered construction industry.
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