« | »

Horror: House Sales Up, Oil Price Down

First, these sad tidings from an appalled Reuters:

A priced reduced sign tops a sales placard outside an existing ...

Home sales gain biggest since July 2003

By Patrick Rucker

WASHINGTON (Reuters) – Sales of previously owned U.S. homes rose 5.5 percent last month, the biggest gain since July 2003, and the inventory of unsold homes fell, a hopeful sign for a housing market mired in a long slump.

The National Association of Realtors said on Friday that sales of existing homes rose to a 5.18 million-unit annual rate from the 4.91 million unit pace set in August. Economists had expected sales to rise to only a 4.93 million unit rate.

It was the first time the sales pace had risen above its year ago level in three years, a sign the market could be stabilizing.

The surprisingly large jump in sales pushed the inventory of unsold homes down by 1.6 percent to 4.27 million, or a 9.9 months’ supply at the current pace. While the inventory is still uncomfortably high, the decline is welcome news for a housing market mired in a deep slump…

The increase in sales was spurred by a rise in foreclosure and other ‘distress sales’ in regions of the country hard-hit by the ongoing housing downturn, said the Realtors’ chief economist, Lawrence Yun

Naturally, Reuters economist found the black cloud around this silver lining.

Even so, there is still more bad news for our one party media, from the Associated Press:

Chart showing the price of New York light sweet crude from January ...

OPEC slashes production; crude continues to tumble

By GEORGE JAHN, Associated Press Writer

VIENNA, Austria – OPEC said at an emergency meeting Friday that it will slash oil production by 1.5 million barrels to stem the “dramatic collapse” of oil prices, but crude prices plunged 7 percent anyway as financial markets spiraled downward across the globe.

Demand for crude has evaporated and the supply levers held by the Organization of Petroleum Exporting Countries appear to have little influence in the current economic climate.

Iran and Venezuela pushed for a cut of 2 million barrels a day, but there were concerns among other OPEC members that a more severe production cut would exacerbate a deteriorating economic crisis and further destroy demand.

OPEC officials, however, signaled they were prepared to slice deeper quickly if crude continues its freefall…

The emergency meeting was initially scheduled for Nov. 18, but that was abruptly rescheduled for Friday in response to prices that have entered a tailspin since their historic high of nearly $150 in July…

Oil futures slid $4.46 to $63.38 a barrel on the New York Mercantile Exchange…

OPEC statement Friday reflected alarm over the erosion of revenues for oil producing nations, as did the unusually short deliberations leading to its decision.

“Oil prices have witnessed a dramatic collapse — unprecedented in speed and magnitude,” said the 13-nation organization. “This slowdown in demand is serving to exacerbate the situation in a market which has been oversupplied with crude for some time.

It also warned of hard times ahead for suppliers, saying “the fall in demand will deepen” in the coming months…

“OPEC cannot be expected to bear alone the burden of restoring equilibrium,” said the statement…

El-Badri on Friday took pains to emphasize that OPEC’s move was predicated by a need not to raise prices but to put a floor underneath them. Iran, Venezuela and other OPEC members have suggested that for them, selling oil under $80 was a loss-maker, and Iraq on Thursday said it would have to rethink next year’s national budget if prices remain under that level…

Break out the black crepe.

This is bad for all of our media’s most favorite allies — the Middle East terrorists and the oil rich thugs like Ahmadinejad, Chavez and Putin.

This article was posted by Steve on Friday, October 24th, 2008. Comments are currently closed.

3 Responses to “Horror: House Sales Up, Oil Price Down”

  1. Reality Bytes says:

    OH MY GOD!!! You mean people can buy homes WITHOUT FANNIE MAE?!

  2. 1sttofight says:

    I read somewhere a couple of weeks ago that if the price of oil dropped below $80/bbl that Iran and Cheaves both would be in deep doodoo. Lets hope the price stays low for a while for that reason alone.

  3. BillK says:

    Gas near me dropped 30 cents this week, including five cents between 7 AM and 7 PM today.

    Funny how even the MSM admits the price drops are due to “reduced demand,” implying there’s a law of supply and demand after all.

    What is this going to do to the annointed one’s “windfall oil profits tax?”

« Front Page | To Top
« | »