The high-end market, in particular, is under tremendous pressure. In fact, it is becoming non-existent. Guess how many homes prices above $750k managed to sell in July. Answer — zero, nada, rien; and for the second month in a row."
Thursday, August 26, 2010
New home sales in July
http://www.zerohedge.com/article/rosenberg-explains-why-not-one-new-home-priced-over-750000-sold-july
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I followed the link...there are 2 incredible charts there. I live in a high-end area (own a condo) and have been waiting for the sellers to realize no one's going to buy their home at the asking price. These government programs only delay the inevitable. Why can't, just once, the government try 2 things: cut taxes and cut spending. Cutting taxes, ironically, increases revenue for the precious government. But it also entices the rich to start creating the jobs that we need to grow out of this mess.
ReplyDeleteDan, time to quit your day time job and run for President. I hear ya on tax cuts and fiscal restraint. But I'm afraid it is too late.
ReplyDeleteIf you're a buyer, wait. You will have plenty of time to pick up fire sales. You'll be able to pick up some properties for 10 ounces of gold when there's blood on the streets.