Home sales shoot up unexpectedly
Bea Karnes
The big surprise this week so far, and welcome news on Wall Street: a turnaround in existing home sales. Sales shot up unexpectedly in February, after six months of decline, with first-time homebuyers like Rudy Darden on the prowl. Darden said, "I guess it's all about trying to take advantage of that right opportunity at the right time."
Darden toured foreclosed properties in Orlando with a guide, matching homes and buyers.
Orlando real estate agent David Torres said, "The economy is bad, there's no doubt about that, but ya know what, it's a fantastic time to buy." The glut of homes for sale is dragging prices down. February saw the biggest drop in single-family home prices in 40 years.
Hillary Clinton sought to make the housing crisis her issue, in Philadelphia calling for $30 billion to help homeowners facing foreclosure She compared it to last week's bailout of investment company Bear Stearns. "When people's greatest source of wealth is losing it's worth, as college costs and healthcare costs and food and gas prices shoot up, that's a financial crisis too."
Barack Obama proposes $10 billion in relief, but Democrats' dark forecasts on the economy contrast with Republican John McCain's, "The fundamentals of America's economy are strong. We're the greatest exporter, importer."
Gas prices, though, are weighing on consumers' wallets. At $3.26 on average, a gallon of regular unleaded is up 7-cents from two weeks ago. That's bound to affect consumer confidence.
