July new home sales plunge to record low pace

[marmar]

WASHINGTON (MarketWatch) - U.S. new home sales plunged to a new all-time low in July, the Commerce Department estimated Wednesday. The decrease in new-home sales to a seasonally adjusted annual rate of 276,000 was well below the 339,000 pace expected by economists surveyed by MarketWatch. New-home sales in June rose a revised 12.1% to a 315,000 level compared with the previous estimate of a 23.6% rise to 330,000. New-home sales are down 32.4% compared with a year ago. The months' supply of homes on the market rose to 9.1 months in July from 8.0 months in June. Median sales prices have fallen 4.8% in the past year to $204,000. The average sales price has fallen 13.2% over the same period to $235,300.


http://www.marketwatch.com/story/july-new-home-sales-plunge-to-record-low-pace-2010-08-25

[OHdem10]

1. Some economists saying the Depression Word and others

intimating the Double Dip is here.

Yesterday MSNBC, "Business Up to the minuite" reported this.
Fox's Stuart Varney (Business Commentator") reported
the Double Dip.

Today, MSNBC reported this as the Home Sales Report came in.

[bulloney]

2. For once I had to agree with Jim Cramer. He said the best way to turn around the housing picture

is having jobs for consumers.

We likely disagree on how to achieve that means. I'm sure Cramer echoes his Wall Street buddies' rhetoric that not allowing the Bush tax cuts to expire will help the economy.