New-home sales up surprise 3.5% in Sept.

[Zebo]

Originally posted by: TheGameIs21

Originally posted by: conjur
Considering interest rates are at record lows (30-year fixed at 5.5% for 590 credit score), it's not surprising at all.


And, I heard an article on the news on the way home yesterday that foreclosures are again reaching record highs. This is due to a rise in sub-prime lending. People less than one year out of bankruptcy can get into a home with $0 money down.

Conjur, you'd be the FIRST (right in front of Todd and Dave) to claim a failed Bush economy if New-Home sales were down 3.5.

In Tulsa, OK they are BOOMING with new home building starting in the 200K's and this is without any new industry or major company shift in staffing in the area (to include Oil)... To qualify for a 200K mortgage (with a low interest rate or not) you still have to be able to show that you can make the payments on that home. This shows that there is good money being paid for jobs now. If these folks are having to file for bankruptcy, it's because most of them (read NOT ALL) don't know how to manage their money.

Or baby boomers are selling out of expensive CA, MA, NY and just moving there for low COL.

I could sell my house and buy 4 OK homes. And plan on doing just that...good fishing at gibson..tinkiller etc.🙂

 

[Red Dawn]

How are new home sales doing in Ohio?

 

[jhu]

why does this feel like another bubble?