Friday, March 24, 2006

What bullshit

Quicken Loans

Home Sales Strong in February Due to Low Long-Term Rates
Mar 24, 2006, 10:35 am PST

News provided by Quicken Loans

In February, 1.08 million new one-family houses were sold, according to estimates released jointly today by the U.S. Census Bureau and the Department of Housing and Urban Development. This is 10.5 percent below the January rate of 1.207 million houses and 13.4 percent below the rate of February 2005.

"Existing home sales rallied in February after five months of incremental decline and jobless claims are down for the first time in four weeks," said Bob Walters, chief economist of Quicken Loans, the nation's largest online lender. "With long-term interest rates still low, and edging downward for the second straight week, the table has been set for housing to continue flexing its muscle in 2006." Quicken Loans did $16 billion in volume in calendar year 2005.

and on the same page I find this article:

New home sales tumble
Friday March 24, 10:37 am ET
By Kristin Roberts

WASHINGTON (Reuters) - Sales of new U.S. homes plunged 10.5 percent in February, the biggest drop in nearly nine years, while prices fell and the number of homes on the market hit a record high, the government said on Friday in a report signaling significant slowing in the housing market.

If there was any doubt that the real estate industry is filled with snake-oil salesmen and scumbags, here's the proof...


Post a Comment

<< Home