Friday, August 19, 2011

July Home Sales Off

It is starting to look more likely that a double dip in the recession could be at hand. Home sales for the month of July took a dive, tumbling more than 3% from June sales. Tough lending policies and appraisals coming in under offers are reasons cited.

I think it is pretty clear to most folks that as long as home sales continue to lag, so will the economy. The crash in the housing market brought us in to this mess, and it will either bring us out, or it will keep us down. Right now, it is doing it’s dangest to keep the economy down.

I wonder if any the experts are willing to say that people are afraid of purchasing a home right now with the economy in turmoil. Consumer confidence, although up in recent weeks, is down pretty significantly over the past year.

1 comment:

  1. We have had our house in NJ on the market since January and had a whole 1 person look at it in that time. Hubby retires in 2 weeks and we were hoping the sale of the house would pay for the building of a new one out here. Looks like we will be staying in the little apartment we built already until it does sell. In the meantime, our son is moving into the house and will pay the utilities and keep it in show ready condition. This helps him also since utilies are less than half of what he now pays in rent. Only problem is we will still be paying a mortage back there and then on this place too. We are really thinking of just paying off the place since we do have the money and then we will only have other son's student loans and the mortage as bills besides utilities here. Hubby does want a truck though and talked of a loan for one, sigh, trying to get him to see that it would be best to go no loan is not an easy thing. We will make it that I am sure since we are buiding this place tobe self sufficient. But would have been nice to have no mortage to pay at all when he retires.