June new home sales rise 11 percent (largest increase in 8-years)

[WI_DEM]

WASHINGTON - New U.S. home sales rose by the largest amount in more than eight years last month, in another sign the housing market is finally bouncing back from the worst downturn in decades.

The Commerce Department said Monday that sales rose 11 percent in June to a seasonally adjusted annual rate of 384,000, from an upwardly revised May rate of 346,000.

It was the strongest sales pace since November 2008 and exceeded the forecasts of economists surveyed by Thomson Reuters, who expected a pace of 360,000 units. The last time sales rose so dramatically was in December 2000.

Sales have risen for three straight months. The median sales price of $206,200, however, was down 12 percent from $234,300 a year earlier and down nearly 6 percent from $219,000 in May.


http://enews.earthlink.net/article/top?guid=20090727/4a6d3450_3ca6_1552620090727-1541380249

[conscious evolution]

1. Thats because people with connections to the banksters

are buying up foreclosed homes for a fraction of their worth.

[WI_DEM]

2. oh, yes that explains it.

[Subdivisions]

3. Do you have anything to back that up or is that just a guess? n/t

[conscious evolution]

5. Based on what

the banksters in my family are saying they are doing.

[Statistical]

4. So the banks which already own the homes sell them to themselves...

1) sell house you already own to yourself
2) ...
3) profit

You are aware the banks OWN the home once it is foreclosed.
If banks were keeping foreclosed homes rather than selling them there would be drop in sales right?

[Johonny]

6. I want to buy a house

the problem is: nothing has changed since last year. What new regulations are in place to protect me from the exact same disaster as before? I've already been offered the same insane loans at the same insane mounts for houses well above what I can afford. Nothing has changed in the market. We "saved" these companies but haven't done anything to make them work. Which means I have no interest in getting house atm. Let some investor lose his shirt yet again buying into an insanely priced market place.

[redqueen]

7. I wonder how many of those were bought as investments,

and how many were bought by people who intend to live in the houses.