« previous next »
Pages: [1]   Go Down

Author Topic: New home sales plunge nearly 17% in April  (Read 454 times)

0 Members and 1 Guest are viewing this topic.

Online mystery-ak

  • Owner
  • Administrator
  • ******
  • Posts: 384,715
  • Let's Go Brandon!
New home sales plunge nearly 17% in April
« on: May 24, 2022, 04:58:18 pm »
New home sales plunge nearly 17% in April

Published 54 mins ago
New home sales plunge nearly 17% in April
Analysts expected new home sales to decline 1.7% in April

By Breck Dumas FOXBusiness

Sales of new single-family houses in the U.S. dropped significantly more than expected last month to the lowest level in two years as rising construction costs, home prices, interest rates and supply chain woes continue to batter the industry.

The U.S. Census Bureau's latest data shows the pace of new home sales fell by 16.6% in April from the month before at a seasonally adjusted rate of 591,000. Analysts surveyed by Refinitiv anticipated a dip of 1.7%.

more
https://www.foxbusiness.com/economy/new-home-sales-plunge-april
Logged
Proud Supporter of Tunnel to Towers
Support the USO
Democrat Party...the Party of Infanticide

“Therefore do not worry about tomorrow, for tomorrow will worry about itself. Each day has enough trouble of its own.”
-Matthew 6:34

Offline DCPatriot

  • Hero Member
  • *****
  • Posts: 46,267
  • Gender: Male
  • "...and the winning number is...not yours!
Re: New home sales plunge nearly 17% in April
« Reply #1 on: May 24, 2022, 05:03:24 pm »
The last time this happened, the builders ended up building townhouse-size, single family detached homes on the lots.

It was the only way buyers could qualify for mortgages with fixed rates nearing 14%.

Those neighborhoods look rather silly today.
Logged
"It aint what you don't know that kills you.  It's what you know that aint so!" ...Theodore Sturgeon

"Journalism is about covering the news.  With a pillow.  Until it stops moving."    - David Burge (Iowahawk)

"It was only a sunny smile, and little it cost in the giving, but like morning light it scattered the night and made the day worth living" F. Scott Fitzgerald

Online catfish1957

  • Laken Riley.... Say her Name. And to every past and future democrat voter- Her blood is on your hands too!!!
  • Moderator
  • *****
  • Posts: 31,860
  • Gender: Male
Re: New home sales plunge nearly 17% in April
« Reply #2 on: May 25, 2022, 02:54:41 pm »
Just wait until mortgage rates hit 10-15%.
Logged
I display the Confederate Battle Flag in honor of my great great great grandfathers who spilled blood at Wilson's Creek and Shiloh.  5 others served in the WBTS with honor too.

Offline Hoodat

  • Hero Member
  • *****
  • Posts: 37,026
Re: New home sales plunge nearly 17% in April
« Reply #3 on: May 25, 2022, 03:04:31 pm »
Gee, who saw this coming?
Logged
If a political party does not have its foundation in the determination to advance a cause that is right and that is moral, then it is not a political party; it is merely a conspiracy to seize power.     -Dwight Eisenhower-

"The [U.S.] Constitution is a limitation on the government, not on private individuals ... it does not prescribe the conduct of private individuals, only the conduct of the government ... it is not a charter for government power, but a charter of the citizen's protection against the government."     -Ayn Rand-

Offline sneakypete

  • Hero Member
  • *****
  • Posts: 52,963
  • Twitter is for Twits
Re: New home sales plunge nearly 17% in April
« Reply #4 on: May 25, 2022, 04:19:21 pm »
Gee,imagine that!

And with a Dim economy that is so strong,too!
Logged
Anyone who isn't paranoid in 2021 just isn't thinking clearly!

Offline sneakypete

  • Hero Member
  • *****
  • Posts: 52,963
  • Twitter is for Twits
Re: New home sales plunge nearly 17% in April
« Reply #5 on: May 25, 2022, 04:20:45 pm »
Quote from: catfish1957 on May 25, 2022, 02:54:41 pm
Just wait until mortgage rates hit 10-15%.

@catfish1957

How much are they now? My home has been paid for for years now,so I have paid no attention to mortgage interest rates.
Logged
Anyone who isn't paranoid in 2021 just isn't thinking clearly!

Offline Fishrrman

  • Hero Member
  • *****
  • Posts: 35,786
  • Gender: Male
  • Dumbest member of the forum
Re: New home sales plunge nearly 17% in April
« Reply #6 on: May 25, 2022, 11:24:52 pm »
"New home sales plunge nearly 17% in April"

This is a GOOD thing.

In a time of inflation, less sales equate to less demand, which will result in downward pressure on prices, cooling down inflation.

I'd like to see homes everywhere lose about 50% of "market" value.
That would put them closer to what I'd consider their REAL value to be.

But then again, I'm a troglodyte, not an economist.
Logged
Pages: [1]   Go Up
« previous next »