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US Home Sales Better Than Expected in December

 
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Joined: 14 Jul 2007
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Location: Greater Boston
PostPosted: Mon Jan 26, 2009 10:18 pm GMT    Post subject: US Home Sales Better Than Expected in December Reply with quote
Use this forum thread to discuss the following link.

Description: US Home Sales Better Than Expected in December
URL: http://www.nytimes.com/2009/01/27/business/economy/27econ.html?_r=1
Info/Broken?: http://www.bostonbubble.com/link_info.php?id=2147

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partylikeits1999
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PostPosted: Tue Jan 27, 2009 12:25 am GMT    Post subject: Reply with quote
http://www.google.com/hostednews/ap/article/ALeqM5jDayryAeH4sTIkpSWzChqb9OpkxwD95V2M580

Boston and Massachusetts havent slipped as much as the national average,
but they will, sooner or later.



Quote:
Further North, the New England states are reeling from the national recession, said Michael Lynch,a regional economist at IHS Global Insight. Lynch tracks the region's largest economy, Massachusetts, as a harbinger for the rest of the states.

For most of 2008, Massachusetts "hung on" while the rest of the nation's economy faltered, Lynch noted, but now it's starting to stumble. The state's unemployment rate is deteriorating and its debt load is ballooning.

Those troubles don't help its capital's housing market. Boston home sales fell nearly 7 percent in December from the year before, according to the AP-Re/Max report. And the median price fell almost 11 percent to $303,625.
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Brian C
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PostPosted: Tue Jan 27, 2009 1:21 pm GMT    Post subject: Reply with quote
If you look at Paper Economy's post: http://paper-money.blogspot.com/2009/01/existing-home-sales-report-december.html#links
The West made the sales numbers look extra rosy compared to other areas of the country.

Northeast Results:
SFH Sales- 9.8% down YOY
SFH Median Price - 8.3% down YOY
Condo Sales - 24.4% down YOY
Condo Median Price - 9.1% YOY
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