Saturday, February 27, 2010

Into the Abyss

Let's see... high unemployment. Check. Tax increases on the horizon to decrease business incentive. Check. Likelihood of rising interest rates. Check. Destruction of banking, healthcare and auto industries. Check. Interference with normal market forces by halting foreclosures. Check. What a shocking article?

- Mr. Bubble

Sales of existing homes hit lowest level since summer

Though numbers higher than a year ago, downward monthly trend disheartening to economists.


The sales of previously owned homes sagged in January for the second month in a row, sliding to their lowest point since summer and renewing concerns about the housing market's potential for a rebound, according to industry statistics released Friday.

Sales of existing houses, townhouses, condominiums and cooperatives fell 7.2 percent to a seasonally adjusted annual rate of 5.05 million in January from December, the National Association of Realtors reported.

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