New Home Sales at Historic Lows
New home sales in November, 2011 dropped to the lowest level since November 2010, which was the lowest number of sales ever recorded since data has been published starting in 1963. On average for 2011 only 23,000 new homes were sold per month. In 1963 the average monthly new home sales was 47,000, The lowest level prior to the 2009-2011 era was 1982 when 34,000 were sold.
Loans Secured by Real Estate
Can we dispense with the hopium and dopium and call the economy what it is? The Second Great Depression.
As if further evidence of the declining economy was needed commercial real estate loans are down 4.1% from July 2010 to July 2011, the last month of available data.
The sad part of it our politicians in Washington know this is happening, and that it will get worse. There are still 4 million homes that need to be sold and 2 million waiting to be foreclosed on. And nobody in Washington or the Federal Reserve will take responsibility. All that happens is another round of increasing the money supply to satisfy the elites on Wall Street, and another round of borrowing to satisfy the elites in the federal government.
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