Plunging home sales could sink recovery

NEW YORK (CNNMoney.com) -- With home sales plunging to their lowest level in 15 years, economists warn that a double-dip in housing prices is just around the corner, threatening to further slow the overall recovery.

Existing home sales sank 27.2% in July, twice as much as analysts expected, to a seasonally adjusted annual rate of 3.83 million units. Much of that drop is attributed to the end of the $8,000 homebuyer tax credit.


get ready for the double dip and this time MUCH lower boys! Sorry Obama - you're on the hook for this one! Its YOUR policies in place, your recovery (or lack of).

get ready for the double dip and this time MUCH lower boys! Sorry Obama - you're on the hook for this one! Its YOUR policies in place, your recovery (or lack of).

Works for me. I missed the trough on the last market dip, I set aside cash in anticipation of a second one. I'm still holding by my stance 6 months ago that the bottom is 8600 on the Dow.

"shared sacrafice"

No one is hoping enough :fury: Hope damn it, HOPE!!!

let housing prices crash. I dont own one yet :hihi:

Works for me. I missed the trough on the last market dip, I set aside cash in anticipation of a second one. I'm still holding by my stance 6 months ago that the bottom is 8600 on the Dow.

20% drop by the end of September. Hold tight JD

let housing prices crash. I dont own one yet :hihi:

If we play our cards right and SAVE, SAVE, SAVE, we could all be owning at least AFTER the dust has cleared. :soon:

My parents bought the house I grew up in, in Jamaica Plain back in the 50's for under $10,000.00

Maybe those deals might make a comeback in forclosures? (highly unlikely)