From an unfazed Associated Press:
US new-home sales fell in Dec., finish dismal 2011
DEREK KRAVITZ – Associated Press
January 26, 2012
WASHINGTON (AP) – Fewer Americans bought new homes in December, making 2011 the worst sales year on record.
The Commerce Department says new-home sales fell last month to a seasonally adjusted annual pace of 307,000. The pace is less than half the 700,000 that economists say must be sold in a healthy economy.
Total sales last year were less than the 323,000 sold in 2010, making it the worst year on records dating back to 1963.
The median sales prices for new homes dropped in December, as builders continued to slash prices. It fell 2.5 percent to $210,300.
The decline in sales comes as other signs suggest the depressed housing market is starting to recover. Construction picked up, sales of previously occupied homes are rising, and builders are slightly more confident.
Meanwhile, we have more housing news from the Associated Press:
Foreclosures made up 20 pct. of home sales in 3Q
By ALEX VEIGA | Associated Press
January 26, 2012
LOS ANGELES (AP) – Foreclosures made up a smaller slice of all U.S. homes sold in last year’s third quarter, as banks delayed placing properties for sale and home sales slowed.
Which is to say, this number is only down because banks are holding back to avoid flooding the market and driving down prices even more.
Despite the decline, foreclosures still represented 20 percent of all homes sold in the July-September period – about four times more than at the height of the housing boom, foreclosure listing firm RealtyTrac Inc. said Thursday…
In 2005 and 2006, when housing was still flying high, foreclosures made up less than 5 percent of all home sales, the firm said. They peaked in 2009 at 37.4 percent.
As a portion of all homes purchased, foreclosure sales declined in the third quarter from 22 percent in the April-June period. They were down from 30 percent in the third quarter of 2010, RealtyTrac said…
Why isn’t any of this in the headlines? Why aren’t there even any Republican debate questions about this?
Where is the outrage?