Sales of new homes in the U.S. plunged in October.
Purchases of newly built single-family homes dropped 8.9 percent to a seasonally adjusted annual rate of 544,000 in October, the Commerce Department said Wednesday.
The decline was unexpected. After a weak initial read of 553,000 annual rate in September, economists had forecast a 4 percent rebound to 575,000.
Somewhat offsetting the weak read for October, however, the September figure was revised up to 597,000. So some of the sales that were expected to boost October actually came earlier.
Compared with a year ago, U.S. sales in October were down 12 percent.
The decline was even more remarkable because the median price of new homes declined in the month, which should have helped homes become more affordable. The supply of homes on the market rose to the highest level since February 2011.
But mortgage rates have risen in the last year to by around one percentage point, which may be enough to deter some buyers.
Sales declined all across the country, with the North East–the most volatile market–seeing the biggest decline.
New home sales are a relatively small slice of real estate sales in the U.S. but they can have big economic impacts. Building new homes employs skilled and unskilled workers in a variety of trades and professions. And purchases of new homes are typically accompanied by purchases of appliances such as washing machines, televisions, dishwashers, and refrigerators. So although new homes themselves are a small piece of the U.S economy, they can have a multiplier effect that spreads out through the broader economy.
GENERAL MOTORS DUMPS
THOUSANDS OF WORKERS AND CLOSES PLANTS
- Stockholders celebrate!
“The yearly income of a typical US household
dropped by a massive 12 percent, or $6,400, in the six years between 2007
and 2013. This is just one of the findings of the 2013 Federal
Reserve Survey of Consumer Finances released Thursday, which documentsa
sharp decline in working class living standards and a
further concentration of wealth in the hands of the rich and the
"The American phenomenon of
record stock values fueling an ever greater concentration of wealth at the
very top of society, while the economy is starved of productive
investment, the social infrastructure crumbles, and working class
living standards are driven down by entrenched
unemployment, wage-cutting and government austerity policies, is part of
a broader global process."
"A defining expression of this crisis is
the dominance of financial speculation and parasitism, to the point where a
narrow international financial aristocracy plunders society’s resources in
order to further enrich itself."
BEL AIR MAXINE WATERS AND HER CRACK ALLEY
WALL STREET BANKSTERS AND THEIR BOUGHT
DEMOCRAT POLS PREPARE FOR THE NEXT WAVE OF BOTTOMLESS NO-STRING BANKSTER
Will this one finish off the American economy?
Considering her record and documented
history of poor ethical and moral fitness, it’s outrageous that Maxine Waters
is up for chair of the ultra-powerful House Financial Services Committee, which
has jurisdiction over the country’s banking system, economy, housing, and
"Wall Street billionaires
are pushing a new plan to swipe the profits of Fannie Mae and Freddie Mac from
U.S. taxpayers–and in the process revive the system of privatized-profits and
public-risk that contributed to the severity of the Great Financial
The Moelis plan stands out as
a strikingly bold grab for control of the companies and their profits. It calls
for the dividend payments to the Treasury to cease so that the companies can
rebuild capital. Shockingly, it also calls for the cancellation of the senior
preferred stock altogether–with no
compensation for the past risk and future profits currently
due to taxpayers. It is as if a company proposed to do a stock buyback by
proposing to cancel its shares rather than purchasing them for cash.
will Maxine Waters be the crusading financial protector of our 401k plans and
save America from the next financial bubble? Well, there will certainly be lots
of harassment and shakedowns. But don't count on her steering us clear of Wall
Street excesses. If history is any guide, Mad Maxine will be way too busy
raising money from the people she is now in charge of regulating. Stephen Moore is a senior fellow at The
who represents some of Los Angeles’ poorest inner-city neighborhoods, has also
helped family members make more than $1 million through business ventures with companies and causes
that she has helped, according to her hometown newspaper. While she and her
relatives get richer (she lives in a $4.5 million Los Angeles mansion), her constituents get poorer.
VIVA LA RAZA
SUPREMACY, WIDER OPEN BORDERS, CHAIN MIGRATION, NO LEGAL NEED APPLY and
BILLIONS IN WELFARE TO KEEP THEM CRAWLING OVER OUR BORDERS???
"This is how they
will destroy America from within. The leftist billionaires who
orchestrate these plans are wealthy. Those tasked with representing us in
Congress will never be exposed to the cost of the invasion of millions of
migrants. They have nothing but contempt for those of us who must
endure the consequences of our communities being intruded upon by gang members,
drug dealers and human traffickers. These people have no intention
of becoming Americans; like the Democrats who welcome them, they have contempt
for us." PATRICIA McCARTHY
Democrats are apparently fine with catch-and-release policies because they see
the likely electoral benefits. According to Customs and Border Protection
(CPB), of the 94,285 Central American family units apprehended last year, 99
percent of them remain in the country today. CPB also reports that 98 percent
of the 31,754 unaccompanied minors from the Northern Triangle of Central
America remain in the country. CAL THOMAS
The Mexican Invasion & Occupation