Re: Home sales tumble as first-time buyers back off

[Guest guest]

A number of houses have sold around here recently. What I think is going on now is that a lot of people aren't putting their homes on the market because they owe more on the house than what they would get for it if they sold it. Other people are worried about the state of the economy and aren't sure if the economy has reached bottom yet, but also have a suspicion that it hasn't because of the wild government spending that is going on.

Over the weekend, a deal on a large residential property collapsed in Manhattan. Part of this I'm sure was the economy but also, because it was for more upscale folks, at least I think it was, demand is probably low because of the new taxes passed by New York state, tax increases coming in NYC, and regulations and other things Obama is planning for the financial industry, which is a major component of NYC's economy. In other words people and businesses are bailing out of the city. Next, will come the commercial real estate collapses, as has been predicted on here.

In a message dated 1/25/2010 12:28:22 P.M. Eastern Standard Time, no_reply writes:

Home sales tumble as first-time buyers back off