Ed Shultz said that new home sales are up 13%.

[maveric]

In this economy?
How much of those sale can be attributed to the wealthy buying 2nd or 3rd homes?

[Robbien]

1. He is cherry picking only the good news and leaving out the bad

New homes increased 13%. But.....

Median price dropped from $239,900 to $224,200 (a 8.21% decrease) and average price decreased from 300,400 to 279,100 (a 7.09% decrease). In a bull market, prices increase.

[Common Sense Party]

9. The bull market has been going on for the last 5 years.

It's now slowing down.

Markets do work in cycles.

[Jane Austin]

2. Foreclosures are up 73% over last year.

Looks like credit is easy, and people are getting in over their heads.

[OPERATIONMINDCRIME]

8. Also Too Many People Getting Burned By ARM's, MTA's, and IO's.

[Jane Austin]

12. Oh, yeah. I'd forgotten about that angle. n/t

[capi888]

3. You Are Right!!

I KNOW some wealthy people scooping up the homes in forclosure. Or buying them off the market at low, low prices as the owners are desparate. This is so sad. I had one person with $$ in my office that said that is exactly what he is doing. Buying homes, from those in financial difficulty and bragging he is getting a deal off someone suffering. Takes the cake doesn't it. Then they will wait til a Dem gets in office and prices move up. They rent the houses out, and as you know, rents are moving UP!!! Scummmmmm

[maveric]

4. The wealthy in San Diego are buying homes about to foreclose...

and renting them back to the former owners at high rates with balloon payments down the road. This happened to a friend of mine who lost his job and didnt want to leave the house his kids grew up in.
This is happening often down here in the Southland.

[SammyWinstonJack]

11. That's just not right!

[progressivebydesign]

5. Home sales are indeed up in March... the weather has improved. n/t

[Joe for Clark]

6. Inventories up more.

Man this is scary -

Spec buyers are moving on - hell they kept this thing up for over two years.

Numbers can be very deceptive. Watch the inventories - cause those are the guys popping to get out.

Wish it were other, but it just ain't there.

I listen to Buffet and I listen to Pickens - this is not cool.

The only soft landings happen in a feather factory.

Your point point is right, but they bought two or three years ago - they aren't buying, they are trying to sell.

No more refi money in this economy now either, you know??


Those are not good numbers, really.

Joe

[OPERATIONMINDCRIME]

7. New Home Sales Are Up, Yes.

As far as how many can be attributed to the wealthy, I don't know. Probably same ratio as always. I'm just glad more people were able to purchase new homes. I look forward to when I can as well, and when that day comes hope it isn't something I'm supposed to feel guilty about for unknown reasons.

[Joe for Clark]

10. That is funny.

You can't feel guilty for doing the right thing.

SO, good for you.

Karma may not be instant - but it is final.

Joe

Man, trust me you can smell a rat in those numbers. A BIG ONE.