Pending Home Sales Surge

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A real recovery would happen if factories, businesses would stop out-sourcing their work to India, China, Afganistan, etc. But that may not happen until GREED is still O.K. in the U.S. But if our workers have no jobs/money, then who will buy the goods and services of these outsourcers?
Republicans espouse: "The Supply Side Economy" and the "Trickle Down Theory", both of which imply, that if the CEO's do well, the whole economy will also do well!! What a joke! The CEO's just laught at us all the way to the bank! If you are an average joe, please do not put the Republicans in power. They exist primarily for the already rich, and will fight any attempt to change the status quo, like term limits. With congress in such a morass of grid lock on all issues, it looks like our form of Democracy needs some fundamental changes. In effect that means a lot more control over the money supply. Obana is smart, but he is blocked left and right by the Republicans, who will do anything to make him seem un-electable in2 012. Even if it harms the country! An old song went: "money IS the root of all EVIL" Amen!

Edwin Roberts of CA 7:57PM December 04, 2011

To Anon: Yep, let dummy up some more appraisals that were part of lead to the last two collapses in the housing cycle. And why we're at it, let's give loans to people who have no hope of ever paying back the loan. No down payments required! Why not! That will jump start the housing market. Mortgage brokers, real estate agent, banks, and appraisers will be rolling in dough once again. Who cares if we destroy the worldwide economy? As long as a handful are making money hand over fist. And the beauty of it; its not a crime.
Watch MSNBC special "House of Cards" to learn how we got into this mess.

Ricard T of CA 11:35AM December 04, 2011

"The share of contracts that cancelled has been unusually high, which means that more pending home sales don't translate into completed home sales," Kolko says. Contract failures jumped to 33 percent in October, up from 18 percent in September, primarily due to declined mortgage applications and employment loss."
I think you have this WRONG!! it is due to homes appraising for less than the agreed to sales price. The buyer is willing to pay xx. The seller is willing to sell for xx. The bank says, based only on previous sales that it is only worth X. so the buyer cannot get the loan.
How are housing prices ever going to recover if all appraisals are based on previous sales!! It is a catch 22 that will keep prices right where they are...

anon of CA 10:59AM December 04, 2011