New home sales in America hit a record low last month, of 309,000, which is a sign indicative of a weak and struggling economy. It is the lowest number since 1963 when the records began. The economic and financial systems are still log-jammed, for such a negative record to be achieved.
Buying a home is considered the American dream and if that has decreased to such low numeric levels, it should send a terrible signal to Washington that things are still amiss in the financial sector and with the American people's collective finances.
However, it is Washington and the current Congress will just interpret it as "Spend More" taxpayer money, which is the wrong answer.
Apart of the problem is unemployment has skyrocketed, many Americans have filed bankruptcy and as a result of financially challenging times, now have bad credit. It is now extremely difficult to buy a home in America with bad credit and or no job.
New home sales hit record low
Wed Feb 24, 2010 1:25pm EST - WASHINGTON (Reuters) - Sales of newly built U.S. single-family homes unexpectedly fell to a record low in January, while mortgage demand for purchases hit a 13-year low last week, fanning fears of renewed housing market weakness.
The Commerce Department said on Wednesday sales dropped 11.2 percent to a 309,000 unit annual rate, the lowest level since records started in 1963, from 348,000 units in December.
It was the third straight monthly drop in new home sales and the largest percentage decline in a year. Analysts, who had expected a 360,000 unit pace, said bad weather was partly to blame and warned of more of the same for February...
http://www.reuters.com
