Let’s Talk About The Economy

Yes, let’s.

New home prices took their biggest hit in more than 35 years in September, according to a government report Thursday that was a further sign of builders struggling to move homes under a glut of unsold homes.

[snip]

[T]he median price of a new home tumbled 9.7 percent from a year earlier to $217,100. It was the sharpest drop since December 1970, when prices posted an 11.2 percent decline, and was the fourth largest year-over-year decline on record.

The September price slump also marked a 9.3 percent decline from August and a 15.5 percent drop from the record high price of $257,700 posted in April of this year.

[snip]

And new home sales are also an important driver of construction employment, which has become an increasingly key part of the nation’s jobs base.

Karl E. Rove: Super Genius.

5 thoughts on “Let’s Talk About The Economy

  1. In the meantime, an enormous new apartment building is being built next to my office … approximately 220 units (2 and 3 bedrooms) which will be priced starting at $949,000 and going up to $3.25 million.
    Who the FUCK are the people that will buy these places?

  2. Has nothing to do with Karl Rove. Has everything to do with 17 Fed rate hikes. Get a clue.

  3. Given the huge deficit spending, its either rate hikes or a drop in the value of the dollar. The rate hikes are needed to attract foreigners to loan us the money– it makes up for the risk of lending to such an irresponsible government.
    RP

  4. I believe that Holden was speaking more to the Bush ploy of highlighting the “12,000 Dow Jones” economy in recent speeches, and acknowledging that Rove is the ventriloquist for the dummy’s words (the strategery being to avoid talking so much about Iraq and congressional scandals).

  5. Tra la la. Reuters (10.26.06):
    “Former Federal Reserve Chairman Alan Greenspan said on Thursday the U.S. economy was pulling away from the shoals of a sharp housing-sector downturn and that the outlook for growth was ‘reasonably good.'”
    Greenspan says economy escaping housing woes [today.reuters.com]

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