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Economy Disappoints, Home Sales Remain Weak

December 28, 2010 by  

Economy Disappoints, Home Sales Remain WeakThe United States economy grew slower than expected in the third quarter and the housing market remained weak, coming in at 28 percent below last year’s levels, according to a report in the Financial Times’ online edition,

U.S. economic growth was estimated to be 2.6 percent by the Bureau of Economic Analysis, but that is less than the 3 percent growth Wall Street analysts had expected, reported.

Analysts had forecast that 2010 would see an upturn in housing, but are now predicting that prices will decline by as much 10 percent in the next year. Some Wall Street economists are now saying that major intervention is needed by Washington to head off prolonged stagnation, according the news source.

House prices rose 0.7 percent in October, but for the last 12 months have fallen almost 3.5 percent. “We thought housing would bottom in 2010, but it looks like it will take another year,” Standard & Poor’s Chief Economist David Wyss told

Experts told the news provider that rising interest rates are hurting the housing market as they make it more expensive to refinance an existing mortgage or get a new loan. This served to push loan applications to their lowest level since April.

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  • home boy

    these analysts don’t know jack. this monster created by barny hershey highway frank and dicky boy dodd will be around for a long time. there will be more houses under water then there is water. the great american nitemare , owning a home, is slowly going down for the count. if you can sell do it now and rent. everything will be going up including taxes. so get out while you can. look at commodity prices. their going through the roof and sooner then later that cost will be past on to you. add in obamanomics stir gently and you have a disaster on the horizon.

    • Teresa

      U are correct, big brother needs more land.

      • Al Sieber

        Teresa, you mean they need to steal more land, since I deal in mining properties I get all kinda of calls about different mining properties, recently, I started hearing from Chinese investors, I told them no offence but I don’t deal with “Red China”. a acquaintance of mine recently sold out. I don’t talk to him anymore. most of our real estate is going to China.

        • Dan az

          Hey Al
          I think I found you Just north east of wendys about 1900 ft looks like coleachy to the right of you?

          • Al Sieber

            Dan, wrong there’s no Wendy’s near me. go to “Google Earth” and punch in 35*04’29.15″N. latitude, 114*27’08.72″W. longitude,elevation 2024′and zoom in. I know you’re around the same latitude as me. are you ready for the next big storm? it’ll hit me first early morning, 60 degrees temp. here now, 45 over night. 29 low Friday night.gonna need plenty of firewood, keep your powder dry.

          • Dan az

            Hey Al
            I tried to enter it but it wont recognize it or Im doing it wrong any ideas?

          • Dan az

            Hey Al
            I thought I was in the boonies!Do you come in from bullhead?I marked it the hard way cant see much but you where right lat is about the same.
            Oh tomorrow we are expecting 8to10 inches and more the next day lows are 10′ they say that levels will go down tomorrow to 2000 ft so guess what buddy you may have to shovel snow before!!

          • Dan az

            one more thing is silver creek the way you go?

          • Al Sieber

            No Dan, I live 3 miles S.E. of there, all on dirt roads. but I’m staying there now and working. I don’t have a snow shovel. just a backhoe with a half flat rear tire.

          • Al Sieber

            Yeah Dan, Silver Creek, pretty rough sometimes, especially after this storm.

          • Dan az

            Hey al
            got it.Hows the bunch to the east of you looks like four or five buildings I figured it was you looked like a couple of mines there.

          • Dan az

            one more thing did you do that to the fixer uppers?Thats some serious fire power!LOL!!!

          • Al Sieber

            No Dan, that’s the “Home Stake” Mine, I’m almost 3 miles directly south, and a little east. all those buildings you see scattered around the mountains are small mining operations. I don’t see much of civilization.

    • Richard Pawley

      “SOME WALL STREET ECONOMISTS ARE NOW SAYING THAT MAJOR INTERVENTION IS NEEDED BY WASHINGTON.” I don’t think the country can stand much more intervention. IF their goal is to crash the economy, the whole economic system, they are one their way. If they are trying to create a couple of hundred percent inflation, well, they are well on their way to that too. It’s coming! It is hard to believe they are so blind and ignorant that they don’t know what they are doing. The present economic problems will end but what will happen then, a world wide economic collapse, a world wide famine? All things I predicted two years ago. Watch and prepare is all we can do. Believers can pray.

  • Tim Singleton

    Jim Rogers has the right of it, though. Buying commodities and hard money is the way to protect yourself.

    As I think site recommends, too.

  • Al Sieber

    Right just what we need, more Govt. intervention. Iceland let the banks fail, now they’re getting back on track, they’re also not tied to the Euro.

  • FlaJim

    Why is it a surprise that no one’s buying a house when real unemplyment stands at 20% or more? Besides, housing prices are still falling – to where they should be. So, why gamble?

    Spending in general is down and that’s due to the uncertain climate created by the Kenyan. Once he’s trounced out or renedered harmless, the economy can find its own way – without government help.

    • Richard Pawley

      He will be long gone before this present mess is straightened out. It is likely we will be too. It will be many years before we can pay off the bill that Congress, partly at our behest, has spent. Even the inflation the banks hope to create will not make things better, not even for them, although that is their hope. We have to stop blaming the president, Obama, Bush, Clinton, or whomever. Until we face up to the fact that Congress is in charge of the spending and we are letting them do it, then it is unlikely anything will change, until the reality of the market place forces it to. We are already creating $75 thousand million dollars a month out of thin air. How long can we continue to just print money before it’s value drops dramatically? I have no idea but some think we have, perhaps, 12 or 15 months. Other that we might have a couple of years. Time will tell.

  • TIME

    Folks look into the term “WILDING,” and the term based on the New World Orders idea of such, {{not the partys}} in late October..

    If you understand what I just noted, then and only then will you understand where we are headed.
    If you can’t understand your opponent you will loose every time, this is really no differant than a game of Chess think many moves ahead all the time.

    This whole event was “created” to be a means to and end, your just thinking in too small a box, so open up and look at the really “BIG picture,” Understand who the NWO is, and what they are looking to have as an end product.

    If your awake I just told you what you need to know, if your asleep just go back to sleep you will never wake up and your fate is what you deserve and have well earned it from your “drinking from the bottle of Stupid.”

    “The mind is liek a parachute, it has to be OPEN to WORK.”

  • http://com i41

    Teresa, Onumnutts hasn’t given up on making private land ownership illegal. Naytional Game Fish and Parks is planning on th=aking over 2 million acres of farmland in the Dakotas and Montana put of production, for ducks and game birds.Should have to release 4 million acres of worthless park land bacvk in to production.

    • Teresa

      watch for gov. bank take-overs next…remember these words “I do not want to run a auto dealership”….

    • Al Sieber

      i41, so is the Bureau Of Land Management, go to www., they have maps and info. on what’s happening.

  • Teresa

    A lil off the subject here but it all ties together…read the following article.

    While the Obama Administration is busy controlling the American diet and bringing “environmental justice” to the inner city, it’s failing miserably to protect the nation from terrorists by allowing millions of travelers to enter the U.S. without proper identification.

    For more than a year and a half, the Homeland Security agency charged with safeguarding the country’s borders has blown off a crucial measure that requires all travelers to provide a passport or secure identification before entering the United States. The security rule, known as the Western Hemisphere Travel Initiative, was implemented at the recommendation of the 9/11 Commission to protect the U.S. from another terrorist attack.

    As of June 2009 all American, Canadian, Mexican and Bermudian citizens must provide a passport or other secure identification that establishes the traveler’s nationality and identity before entering the U.S. More than 18 months later, U.S. Customs and Border Protection (CBP) officers are not enforcing the law, which was passed by Congress in 2004 as part of the Intelligence Reform and Terrorism Prevention Act.

    In the first eight months after the law took effect, 2.3 million travelers failed to provide proper paperwork at U.S. land ports of entry, according to a Homeland Security Inspector General report made public this week. It turns out that CBP, which claims to protect the American public against terrorists and the instruments of terror, never really intended to enforce the law even though it’s received $365 million in the last two years to do it.

    CBP internal policy divulged by auditors only requires travelers who provide “improper paperwork” multiple times to undergo added inspection. In fact the agency has not yet finalized the operating procedures its officers will use to verify the identity and citizenship of noncompliant travelers, according to the Homeland Security Inspector General. CPB officials claim that “other priorities” have precluded them from completing the operating procedures.

    Checkpoints in Texas have the country’s lowest compliance rate, with more than 1.1 million people—one out of ten—arriving without proper identification. California was second with nearly 500,000 during the eight-month audit period and New York third with almost 190,000. This sort of government negligence is simply unacceptable and should outrage all law-abiding Americans.

    Investigators state the obvious by writing that, until the document requirement is fully enforced, CPB, also known as “America’s frontline”, continues to “incur risk” that travelers falsely claiming to be citizens of the four countries will be admitted into the U.S. CBP officials say they are “evaluating methods” to enforce the security measure though they expressed concern about scrutinizing the “legitimate” traveler who is “uninformed, forgetful or impoverished.”

  • Dan az

    Earlier this week, WND reported that on Nov. 30, DHS Secretary Janet Napolitano signed a “Trusted Traveler” agreement with Mexico, thereby implementing a primary objective of the SPP Transportation Policy working group under President Bush, namely to open the U.S. border to approximately 84 million Mexican citizens by issuing biometric “trusted traveler” cards that Mexicans entering the U.S. can swipe through ATM-like “Global Entry” kiosks at some 20 international airports in the United States.

    WND also reported that the U.S. State Department is moving to create a continental border around the U.S. as the relevant national security perimeter, thereby erasing the borders between the U.S. and Mexico and between the U.S. and Canada.

    The agreements are documented in a March 23 State Department memo titled “United States-Mexico Partnership: A New Border Vision,” and a draft document with Canada titled “Beyond the Border: A Shared Vision for Perimeter Security and Competitiveness,” a draft copy of which has been obtained by CTV News in Canada.

    WND has reported since 2006 that a blueprint published in 2005 by the Council on Foreign Relations entitled “Building a North America Community” called for the establishment of a common security perimeter around North America by 2010 to facilitate the free movement of people, trade and capital between the three nations of North America.

  • Dan az

    Every thing has a beginning to an end.The way around congress is always a way to deceit.There dosent look like much hope but there is sure to be allot of change this coming year.If you wolled all that has happened just in this administration alone its pretty obvious whats taking place before our eyes.But to just try to scream out that this is not right is not going to do a thing about it.Time is on there side and the finishing drafts are being applied right now.There truly isnt any thing we can do but hope that he get impeached as to turn back the clock of time and start over.I feel that even the libs here see whats going on and my guess they to wouldnt vote for this kind of imposter.So its up to the military to stop this usurpation and bring justice back.We can all keep complaining here but as I see it were not going to get anything more done unless justice is carried out. Just my thoughts.

    • Al Sieber

      Dan, what military? they’re all over seas.

      • Dan az

        hey try to stay here for a minute

    • Richard Pawley

      Even with all that is going on Christians know that God is still in control. Whatever is going on He is allowing. He even had to let his Chosen People be led into captivity for 80 years in Babylon thousands of years ago in order to straighten them out. If we had followed the Constitution that the Founding Fathers gave us, often at the cost of their lives and fortunes, based on His principles, we would not have to go through what we are going through now (and in the future). If we straighten out, as a people, we too will be restored; if not, then we have to recognize that nations come and go, and the scripture says that “God is no respecter of persons”. Not only nations but civilizations come and go, and even planets. We need to do what is right, not what is expedient. It has to start with the individual. If we do our part we need not worry about the rest. St. Paul called it “fighting the good fight” and Winston Churchill, whose bust Obama returned to England, said, “Never, never, NEVER, never give up!”

  • James

    The economy will not get better until most of the gargantuan personal, business, state and federal debt is either written off or paid off. The stimulus money that keeps businesses and individuals afloat just postpones the inevitable collapse, and will make it worse when it happens.


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