In the wake of the disastrous existing home sales data for July, reported on in my previous blog comment, the Commerce Department released figures for U.S. new home sales for July. They have declined 12.4% from the prior month. More ominously, these figures, when compared with July 2009, reflect a contraction of nearly one third in new home sales. Remember, July of last year was already experiencing a dismal level of new home purchases.
In May new home sales in the U.S.A. declined by 32.7 %, which reflects a seasonally adjusted rate of 300,000 home sale per year, a level not witnessed in America since the 1960s. Add in the also dismal used home sales in the U.S. and there you have Fed Chairman Bernanke’s “green shoots” of economic recovery from the global economic and financial crisis.
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I think you also need to keep in mind that this is counting all homeowners, not just recent homeowners. I bet if you made this calculation for DC only, the number would be lower than what you expect. I think the cost of buying a home in DC has tripled in the last decade, but the median homeowner has likely been in their house maybe a decade or more.
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