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IPFS News Link • Housing

October New Home Sales Plunge 8.1% To 283,000 Annual Rate

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Note the Red columns for 2010. In October 2010, 23 thousand new homes were sold (NSA). This is a new record low for October. The previous record low for the month of October was 29 thousand in 1981; the record high was 105 thousand in October 2005. The 283 thousand annual sales rate for October is just above the all time record low in August (275 thousand). This was the weakest October on record and well below the consensus forecast of 314 thousand. This was another very weak report.

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Comment by Ross Wolf
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Everyday Americans Have To Deal With OBAMA CHAOS!



OBAMA Doesn’t Give a DAMN What Americans THINK! Obama Doesn’t CARE that Americans Desperately want Obama to Reduce The Size Of Federal Government, its Huge Out Of Control Spending. Obama’s response to Americans’ is to hugely raise taxes n 2011; his so-called deficit panel recently made proposals to balance the federal budget that included—eliminating the home mortgage interest deduction; so much for the remaining Middle Class. That would make home ownership unaffordable for millions of Americans; cause millions more to default on their current mortgages as they would not have enough (after tax dollars) to pay non-deductible mortgage interests.  (No matter how much Obama raises taxes, it is apparent he will waste it, spend the proceeds not reducing taxpayer debt, until there is nothing left to take from U.S. Taxpayers, strangling U.S. Citizens with insurmountable debt, insuring neither Citizens nor the Country can escape financial ruination.) Government’s Elimination of the Mortgage Interest Deduction would force home buyers to make low ball offers on houses, further driving down residential property values and property taxes local communities depend. More Local Communities would go broke or become dependent on federal assistance at federal Taxpayer expense. Why would most Americans want to incur the additional costs of home ownership if they couldn’t deduct mortgage home interests; it would be cheaper to be a nation of renters. Banks could disintegrate as their inventory of outstanding mortgages secured by (homes) increasingly became worthless. American taxpayers could not possibly cover millions more defaulted home mortgages and pay upkeep on millions more empty homes U.S Government insured. Most everything Obama has done or proposes doing to effect the economy is destructive. Many Americans strongly believe Obama intends to destroy the U.S. economy to accomplish a leftist ideology. Obama certainly appears headed that direction, taking Americans on a ride into an economic abyss they might never financially recover.