Wednesday, December 24, 2008

Home sales hit slowest pace in 18 years

And the bad news about the economy keeps rolling in. According to the National Association of Realtors, “Sales of existing homes plunged 8.6% in November to a seasonally adjusted annual rate of 4.49 million, from a revised 4.91 million rate in October. … It was the slowest pace in nearly 18 years.” This will be an economic downturn that will be talked about for generations.
The Commerce Department also reported that sales of new single-family homes also fell in November, to the weakest levels since 1991.”

Some rightwingers who are in wishful thinking mode are trying to claim that Bush had nothing to do with this economic downturn, and history will vindicate him. I don't see it happening.

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