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Neal Barton's POV

Now you know the rest of the story

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POV

POSTED: Monday, January 27, 2014 - 2:23pm

UPDATED: Sunday, April 13, 2014 - 2:54pm

I found some interesting numbers Monday at RightScoop.com from writer Joe Guest.

It looks as if the mainstream media is reporting happy days are here again, financially. New Home Sales, the selling of newly built single-family homes in the US, is a small percent of the overall housing market but nonetheless it's important enough that it generates monthly and annual numbers which at times move Wall Street.

In "Obama's economy is great world" of 2013, only 428,000 new homes were sold.

How bad is it?

In "Oh my gosh the world is collapsing, save us from Bush world" in 2008, the number was 485,000.

But of course, reports in media say that 2013 numbers are "the best in five years," hiding the fact that Obama's economy is actually worse than Bush's in 2008.

The numbers are worse when you look at the 51-year history of these records. Five of the six worst years of New Home Sales, on record, took place on Obama's watch:

  • 412K in 1982
     
  • 375K in 2009
     
  • 323K in 2010
     
  • 306K in 2011
     
  • 368K in 2012
     
  • 428K in 2013

Indeed, things "are turning around," but after trillions in federal spending and trillions more spending by the feds, we are worse off than 2008.

That's sounds like the full story.

That's my point of view, what's yours?

You can e-mail me at pov@ketknbc.com or Facebook me at KETK Neal Barton.

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Comments News Comments

dave, if you are talking about my post, no it isn't "redlining". It was Barny Frank and the Democrats way of giving easy credit to their constituency. Lending rules were eased so if one had no credit or a very low credit you still could buy your house even as a major credit risk. And thus people who lived from paycheck to paycheck bought houses way out of their income level.

When the gas prices skyrocketed they were left with bankruptcy. All for democrat votes.

And then the dems blamed BUSH!

Did you happen to notice the single ethnic group of this group you identify, or did your diversity training teach you to ignore the truth les be called an anti-Semite..

Idiot, you cannot say the stock market is better when it is the beneficiary of Quantitative Easing which pumps over a trillion dollars a year of fake wealth into our economy. This is the second time you've been incorrect on economic issues on this site. You do best when you play journo-guy and post your off-topic comments which nobody reads.

Then Nancy Pelosi and Reid, after the elections which gave the Democrats a super majority, rammed through a almost trillion dollar 'stimulus' with no tax abatements nor budget cuts. Most of it was supposed to be 'shovel ready' projects that were not. The rest was 'green' energy that flopped.

Then came Obamacare.... and the trainwreck was put in motion.

Our economy has been in the pits for FIVE YEARS. With no end in sight. All thanks to the Democrats.

So hope for change in 2014. VOTE THEM OUT.

The housing collapse started in the last 6 months of the Bush Admin due to Barny Frank and his minions forcing easy credit for people to buy houses and overextend themselves. Then when the gas prices skyrocketed they found they either spent money on gas to go work or on house mortgages.

So they let their houses be repossessed by the banks by the thousands. And that started the crash and mass layoffs (and then more people went bankrupt.)

The legislation you mention prevent mortgage lenders from "redlining". Mortgage redlining refers to lenders unfairly denying mortgage applications for homes in neighborhoods with a high percentage of minority residents. The legislation didn't say don't do a credit check. It didn't say you can only charge 10% as a down payment. It didn't advise or advocate loans with a zero down payment. Banks chose these predatory practices after congress made derivatives legal in 2000.

Yours is closest to the post KETK censored which I wrote. You are correct that congress engineered the financial collapse which has resulted in ethnic monopoly building (crony-capitalism). Neil ignores the population increase which further illustrates the anemic economy. The American citizen - builder of this nation is being squeezed-out of their homeland by that same ethnic group which they saved in WWII. Media assumes Gobbels role in this Americanized ethnic cleansing process.

Congratulations on the censorship Shelia. They deleted two of my post last week regarding a group of business leaders. Congress set the stage for economic collapse by making derivatives legal. Being able to create a security that could be sold for a profit, prompted banks to loan money to anybody. Why? Because they new they would have the high risk mortgages bundled and sold to investors (suckers) before they went into default.

Well, based on the posted numbers, 2013 was the best of the last 5 yrs. However, that's only part of the new home story. We should look at where those homes are being built and who's buying them. The other part of the equation is existing homes sales. How many existing homes are standing empty? In my opinion, home values were way over inflated by 2008 contributing to the poor housing start numbers for the following year. Fear of Obamacare also helped keep people from buying in 2010.

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