WASHINGTON (MarketWatch) — Resales of U.S. single-family homes and condos fell a surprisingly bad 8.6% in November to a seasonally adjusted annual rate of 4.49 million, the National Association of Realtors reported Tuesday, even as home prices fell at the fastest annual pace on record.
The result is much weaker than expected, as analysts surveyed by MarketWatch were looking for sales to fall to an annual rate of 4.9 million from the prior month’s result of 4.91 million. Resales are down 10.6% in the past year.
When falling, this economy only knows how to fall. When rising, this economy only knows how to rise. An economy that knows how to rise after falling and fall after rising—meaning, an economy with a heart—is not capitalism.
those november numbers are BS. wait till you see the december numbers.
What’s wrong, Chuck? Too early in the morning to post some titties?
you know, Charles, i love your writing, but this is poppycock. all economies rise and fall. this economy fell when the tech bubble collapsed, fell after 9-11, and will continue to rise and fall, like all economies. economies don’t have hearts – political entities do.
The Business Cycle: Read about it.
This post doesn’t even make sense.
Why does the economy need to have a “heart” to rise and fall? Are you talking about a heart in the vitality sense or in the paternalistic-Big-Brother-communist-Russia sense?
the business cycle is not even really a cycle. that would imply a balanced stability or equilibrium. from a distance, however, we see that the only stability in the market has been that of terrific/irrational growth, overproduction, and overvaluing. this type of system (of bad infinity) is not only cruel (as the crashes are nothing more than disciplinary tools–layoff, dispossession of the lower classes–that reboot growth) but also not sustainable.
Capitalism doesn’t have a heart, in the compassion sense. Because the rules that govern capitalist money require greed and abuse. It’s remarkably simple if you understand where our money actually comes from.
@7 — cycle means “circle”, dope. It doesn’t imply balance.
And economies don’t “know” anything.
God, you are so pointless…..
Thanks once again, Charles, for sharing your abundant ignorance.
What’s more pointless, harpietie (@9)? Stating your opinion that someone’s post is pointless, or making a rather pointless comment on someone’s post that you think is pointless?